The rising pump prices are the result of the high cost of oil, according to Andrew Gross, an AAA national public relations manager. The price of a barrel of July Brent crude on ICE Futures Europe rose for the third time in four sessions, increasing $2.69 to settle at $114.24.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration. The rest of the price includes the other components of gasoline, production costs, distribution costs, overhead costs for all involved in production, distribution and sales, taxes and carbon offset fees in California paid by the refineries.
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