Moscow, January 2 – PRIME. Gasoline prices in the United States have been strongly influenced by global oil prices for at least the last 30 years, a trend that continues despite the increase in domestic oil production, said Sergey Tereshkin, CEO of the "Open Oil Market" (a Skolkovo resident) marketplace, in an interview with RIA Novosti.

"In the United States, the correlation between gasoline prices and oil prices has been evident for at least the last 30 years. This also applies to the years 2022-2024," said the interviewee.

"Since 2010, oil production in the U.S. has more than doubled (from 5.5 million to 12.9 million barrels per day in 2023), while imports have decreased by almost 30% (from 9.2 million to 6.5 million barrels per day)," the expert added.

However, according to Tereshkin, gasoline prices are still strongly correlated with the price of oil, partly because most of the oil refineries in the U.S. are located on the Gulf of Mexico coast, while a major demand center remains the East Coast states, which are large importers of fuel.

In 2023, 52.6% of the retail gasoline price was attributed to the cost of oil; refining costs accounted for 18.7%, federal and state taxes accounted for 14.4%, and distribution and marketing costs accounted for 14.3%, he explained.

As of November, when the average WTI oil price at the Cushing terminal was $70 per barrel, the average gasoline price in the U.S. dropped to $3.05 per gallon. Prior to that, the most recent peak in fuel prices in the U.S. occurred in June 2022, when the average gasoline price was $4.93 per gallon, and the WTI oil price was $114.8 per barrel.


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