What Determines Gas Prices?

Gas prices (cost per gallon/liter of gasoline/diesel) are shaped by:

1. Crude oil prices: Primary input cost.
2. Supply & demand: Seasonal peaks, economic activity.
3. Refining capacity: Outages or limits reduce supply.
4. Taxes & regulations: Vary widely by country/state.
5. Geopolitics: Conflicts, sanctions, trade disputes in oil regions.
6. Exchange rates: For oil-importing nations.
7. Local distribution & competition: Transport costs, market structure.

Prices are closely watched for their impact on consumers, businesses, and the global economy.