Breaking Down the Price of Gasoline – September 2022
Severin Borenstein, Faculty Director, talks about the process behind pricing gasoline on NPR Planet Money.
“We’re paying $100 a barrel for crude oil right now, not because most of the oil or hardly any of the oil costs $100 to produce and deliver. Most of the crude oil in the world can be produced for less than $20 a barrel. In the United States, that probably costs closer to $40.”