Page 1What’s Up With Gasoline Prices?|June 2012
Changes in gasoline anddiesel prices mirrorchanges in crude oil prices.
The roller coaster rise and fall in gasolineand diesel prices over the last few yearstracks changes in the cost of crude oil.Those changes are determined in theglobal crude oil market by the worldwidedemand for and supply of crude oil. Weakeconomic conditions in the U.S. andaround the world in 2008 and into 2009led to less demand which helped pushprices down.With the worldwide economic recoveryunderway, demand is on the rise againbut unrest in the Middle East and NorthAfrica has put supplies at risk. Thiscombination of rising demand and reducedsupply helped to push prices higher.
Gasoline, Diesel and Crude Oil Prices
Source: NYMEX (WTI crude oil) and AAA (gasoline and diesel).