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Understanding Gasoline Prices: An examination of recent gasoline price increases

July 2005

Table of Contents

1. Introduction
2. Price Components
   • Crude Oil
   • Taxes
   • Refining/Marketing
     • Wholesale Markets
     • Wholesale Gasoline Prices
     • Retail Markets
     • Retail Gasoline Prices
3. Empirical Analysis of Gasoline Prices
   • Relationship Between Gasoline Prices and Crude Oil Prices
   • The Impact of Rising Crude Costs
   • The Influence of an Appreciating Dollar
   • Increasing Refining Margins
   • The Bottom Line
4. Conclusion