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Fuel Price Facts

Global conflict and rising demand post-pandemic have resulted in tight supply of crude oil. This has resulted in an energy crisis affecting many Americans. There are many factors that contribute to the price consumers see at the pump. The price of a barrel of crude oil is set on the global market by commodity traders, driven by supply and demand. This is not determined by oil and gas producers. Other factors in gas pricing at the pump include competition in the marketplace, state and federal taxes, refining costs, and the costs associated with distribution and marketing. Recently, inflationary pressures have also affected pricing.

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