Technology & Innovation — June 27, 2011

How Gasoline Prices Are Formed

Think the U.S. can drill its way out of expensive gas? Think again, says The Atlantic. Derek Thompson explains what goes into the price of gasoline and why is it suddenly rising so fast.

bigthinkeditor

What’s the Latest Development?

With soaring gasoline prices putting additional burden on an economy that’s recovering from a housing bust, credit crunch, and deep recession, Derek Thompson decided to look at what goes into the price of gasoline at the pump and why is it rising so fast all of a sudden. The main pricing components are state and federal gas taxes, distribution and marketing, refining, and the price of crude oil.

What’s the Big Idea?

The price of crude oil has nearly tripled in the last seven years. In 2004, when the average price for crude oil was $37 per barrel, crude composed only 47 percent of the price of regular gasoline. Today, crude is closer to $111 per barrel and accounts for two-thirds of the pump price. To find out why, Thompson spoke to energy experts, who said supply and demand was the main factor but others were the Middle East, the weak dollar, summer, and speculation.

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The great free will debate featuring Michio Kaku and Steven Pinker

Who — or what — really controls your mind?

Building destroyed by the Halifax Explosion. Library of Congress Prints and Photographs Division Washington, D.C.

The Past

The largest accidental explosion of all time

More than a century ago, Halifax suffered an accidental blast one-fifth the size of the atomic bomb dropped on Hiroshima.

a collage of photos of a man with a hat and a book.

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Dive into the twisted truths and concealed realities told by literature’s most unreliable narrators.

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The Well

Signs you’re burned out — and how to bounce back

If you don’t feel better after the weekend, the “burnout paradox” could explain why.

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7 min

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with

Laurie Santos

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