Gasoline prices are shaped by a complex global mix of crude oil costs, refining, distribution, local taxes, and demand, with the United States being the world's largest consumer. US prices have seen dramatic swings recently, dropping to $1.73 per gallon in early 2020, soaring past $5 per gallon by June 2022, and climbing back above $4 per gallon in March 2026 due to supply disruptions. According to the Energy Information Administration (EIA), crude oil represents about 54.8% of the average retail price, followed by taxes (17%), distribution, and refining costs. A notable 2008 report by Cambridge Energy Research Associates identified 2007 as the peak year for US gasoline usage, signaling an "enduring shift" in consumption patterns. While most countries impose taxes, a few like Venezuela subsidize fuel, and no nation's taxes fully cover the negative externalities such as air pollution and CO2 emissions. Finally, OPEC's production decisions and market speculation also play crucial roles in determining what consumers ultimately pay at the pump.