Recent price factors in the U.S.

Global supply and demand for crude oil and petroleum products has the biggest influence on the price of gasoline at the pump in the U.S.

• The economic downturn has resulted in declining energy demand in the U.S. and other developed economies. Total U.S. consumption of liquid fuels in 2008 declined by almost 1.3 million barrels per day, or 6.1 percent from 2007.
  
• For March 2009, the average U.S. retail price for regular gasoline was $1.96 per gallon, compared to $3.24 in March 2008. According to the Energy Information Administration, crude oil costs made up 55 percent of the cost of gasoline; manufacturing and marketing costs were 24 percent; and taxes comprised 21 percent.

U.S. regular-grade gasoline prices averaged $1.89 in the first quarter of 2009, down sharply from the 2008 average price of $3.25 per gallon.

• The historic correlation between global crude oil and gasoline prices has been demonstrated over many decades, and is reflected below for the past four years.