08 Aug '12, 10am

Gas prices explained by way of a neighborhood barbecue

Gas prices explained by way of a neighborhood barbecue

As a summer pastime, griping about rising gas prices ranks right up there with backyard grilling. Summer 2012 was slated to be a nonstop kvetching session: In spring, experts were predicting we’d pay $4 a gallon by season’s end. Instead, in a repeat of a now common summer experience, prices dropped. Americans were left to grouse about a jump to a national average of just $3.42 for the month of July. Why do we get this so wrong so often? To answer that, you have to learn how gas prices really work. Where’s the beef? Think of gasoline as the burgers you might buy to toss on the grill at a backyard barbecue. Just as the cost of meat plays a huge role in determining how much you have to pay for patties at the market, the price of crude oil largely dictates what we pay at the pump. Crude oil accounts fro roughly two-thirds of the price of gasoline. (Photo by Shutterstock .) And...

Full article: http://grist.org/climate-energy/gas-prices-explained-by-w...

Tweets

Rising fuel prices got you down? Blame Twitter

Rising fuel prices got you down? Blame Twitter

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