Speed Trap: Big Oil Profits from High Gasoline Prices

Center for American Progress →

Time magazine reported in December that “2012 will go down as most expensive year ever for gas.” The Energy Information Administration determined that gasoline averaged $3.63 per gallon—a dime per gallon more than the previous record set in 2011. The Energy Information Administration reported that high gasoline prices were due to high crude oil prices—“with crude oil accounting for 66% of the retail cost of gasoline.”