Historically, the single biggest determinant in gasoline prices is what’s happening with crude oil, whose price is set in international markets. Still, retail gas prices can vary widely, depending on local conditions, competition and other factors. “Because oil is a global commodity, Shell does not set or control the price of crude oil,” said Gretchen Watkins, president of Shell USA, a unit of the British-based company. Still, he said Pioneer plans to expand oil production by about 5% a year. As for the question of who’s to blame for the high gas prices, she said there’s plenty to go around.

Source: Los Angeles Times April 06, 2022 18:59 UTC