United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2005-05-09 monographic deposited born digital 23 p. GA 1.13:GAO-05-675T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-05-675T P0b002ee180390df0 f:d05675t DGPO 2010-08-12 2011-03-24 GAOREPORTS-GAO-05-675T machine generated eng fdlp REPORT GAOREPORTS-GAO-05-675T GAO-05-675T Cost analysis Crude oil Energy costs Energy demand Fuel prices Gasoline Prices and pricing Property and supply management Economic analysis Projections California Testimony A23700 Gasoline prices have increased dramatically in recent weeks and currently, California has the highest gasoline prices in the nation. Consequently, consumers are expected to spend significantly more on gasoline this year than last. Specifically, EIA recently projected that, because of higher expected gasoline prices, the average American household will spend about $350 more on gasoline in 2005 than they did in 2004. Understandably, the public and the press have focused on these higher gasoline prices and some have questioned why this is happening. Moreover, people are concerned about the future, with some analysts projecting prices of crude oil--the primary raw material from which gasoline is produced--to remain at current high levels or even increase. Other analysts expect prices to fall as new oil supplies are developed and as consumers adjust to the current high prices and adopt more energy-efficient practices. This testimony, as requested, address factors that help explain today's high gasoline prices in the nation as a whole and specifically in California. In addition, potential trends that may impact future prices of crude oil and gasoline are addressed. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-05-675T/html/GAOREPORTS-GAO-05-675T.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-05-675T/pdf/GAOREPORTS-GAO-05-675T.pdf GAO-05-675T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-05-675T Testimony GAO-05-675T; Energy Markets: Understanding Current Gasoline Prices and Potential Future Trends; Cost analysis Crude oil Energy costs Energy demand Fuel prices Gasoline Prices and pricing Property and supply management Economic analysis Projections California