Exxon and Mobil gas prices, gas taxes, impact of crude oil prices

Pricing  

Understanding what influences the price of gasoline.

One gallon, many factors

A lot goes in to how much customers pay for gasoline at the pump, but the two main factors are the price of crude oil and taxes.

The impact of crude oil prices

Crude oil is by far the largest factor in the price of a gallon of gasoline. The U.S. does not produce enough crude oil to meet our country’s demands, therefore oil companies like ExxonMobil have to purchase crude oil – at market prices – to produce gasoline and other products.

Crude oil is a globally traded commodity like gold, corn, coffee and many others. The prices of such commodities are set in worldwide markets comprised of millions of buyers and sellers reacting to economic fundamentals for each commodity.

The cost of federal and state gasoline taxes

The federal gasoline tax is 18.4 cents per gallon coast-to-coast.* Additional state and local taxes vary by region. The combination of federal, state and local taxes can add anywhere from 30 to 70 cents per gallon to your bill depending on where in the United States you happen to refuel.
For the latest on energy issues and challenges, read our Perspectives blog.

FAQs about pricing

The major factor in fluctuating gasoline prices is the price of crude oil, which is continually impacted by supply and demand. Crude oil impacts the price of gasoline just like other commodities such as corn, coffee and cotton, impact the price of goods. For example, a shortage of corn crops could cause the price of some foods to increase.
Even though all oil companies sell gasoline products, those products are not identical. Different manufacturers use different techniques and unique formulas in the refining process that may impact prices. As well, where and how a gas company sources their crude oil will impact prices at the pump.
Be sure to check out our Fuel Efficiency Tips to learn about some of the ways you can improve fuel efficiency and save at the pump. You can also apply for the ExxonMobil Smart Card, which lets you save on fuel purchases.
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*Federal gasoline tax as of April, 2015
**Subject to credit approval. New accounts only. Account must be open and in good standing to qualify. Statement credits will be applied monthly on your billing statement with qualifying purchases. As used above, “month” refers to your monthly billing cycle, which may not coincide with a calendar month. Total annual credit not to exceed .00.

**Fuel economy improvement is based on Synergy-branded gasoline compared to gasoline meeting minimum U.S. government standards. Actual benefits will vary based on factors such as vehicle type, driving style and gasoline previously used. Exxon, Mobil and Synergy are trademarks or registered trademarks of Exxon Mobil Corporation or one of its subsidiaries.

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