Jackson Library

There are four main components that make up the retail price of a gallon of gasoline. EIA reports the percentages as of June, 2008:
1. Crude Oil: 74%
2. Taxes: 10%
3. Refining: 9%
4. Distribution & Marketing: 7%

OPEC reports crude oil REFERENCE PRICES that include Daily Basket Price and Weekly, Monthly, and Yearly Average Prices.

The new OPEC Reference Basket (ORB), introduced on 16 June 2005, is currently made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and BCF 17 (Venezuela).

The cover theme of American magazine (July/August 2008) highlights the energy crisis, and includes as one of its main stories a piece by former Intel Chairman / CEO and current GSB Faculty member Andy Grove. Titled 'An Energy Policy We Can Stick To', it makes a strong case for electricity, the 'stickiest' form of energy, as the power source of choice. Grove recalls an ominous incident earlier this year when the Saudi oil minister brusquely rejected our President's pleas for increased oil production, suggesting our society is a a critical juncture. He goes on to warn of potential negative political fallout in the global competition for energy if we do not strategize to avoid the wrong path. (A recent editorial by Grove in the Washington Post captures the same sentiment in shorter form.)