Here’ a cool graphic from the EIA on what drives the price of a gallon of gasoline in January 2012.  We paid $4.20 last night in California!

Note 76 percent of the price for a gallon of gas is driven by crude oil.   Only 6 percent by refining and 6% distribution and marketing.  Though these components do vary over time, but not by much.

So when you start to crack at paying $100 to fill your tank,  remember it’s really not the crack spread.  Blame the crude or Brent!

(click here if graphic is not observable)