Gas Prices Are High Because the Liberals Want It that Way | Vision to America. When President Obama took office the price of gasoline was $1.83 per gallon. Today it’s almost $4.00. Of that $4.00, taxes account for 52 cents, distribution and marketing about 32 cents, refining 56 cents, and the cost of crude oil $2.60. Only income taxes brings in more revenue than oil. The price of crude oil is determined by the world’s oil-exporting nations, particularly the Organization of Petroleum Exporting Countries (OPEC). OPEC is responsible for over 40% of the world’s crude production.
The United States is actually the third-largest producer of crude oil in the world, but we still import nearly 40% of our crude oil demand, mainly from Canada, Mexico, Saudi Arabia, Nigeria, and Venezuela. The more crude oil we produce domestically, the less taxes we heap on a gallon of gasoline, and the less we pay for gasoline. So….why aren’t we producing more of our own oil?