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 2006-02-01 monographic deposited born digital 13 p. GA 1.13:GAO-06-412T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-06-412T P0b002ee180393a82 f:d06412t DGPO 2010-08-12 2011-03-28 GAOREPORTS-GAO-06-412T machine generated eng fdlp REPORT GAOREPORTS-GAO-06-412T GAO-06-412T Corporate mergers Cost analysis Crude oil Fuel gas industry Fuel prices Gasoline Petroleum industry Petroleum prices Petroleum products Prices and pricing Testimony A46178 Soaring retail gasoline prices, increased oil company profits, and mergers of large oil companies have garnered extensive media attention and generated considerable public concern. Gasoline prices impact the economy because of our heavy reliance on motor vehicles. According to the Department of Energy's Energy Information Administration (EIA), each additional ten cents per gallon of gasoline adds about $14 billion to America's annual gasoline bill. Given the importance of gasoline for the nation's economy, it is essential to understand the market for gasoline and how prices are determined. In this context, this testimony addresses the following questions: (1) What factors affect gasoline prices? (2) What has been the pattern of oil company mergers in the United States in recent years? (3) What effects have mergers had on market concentration and wholesale gasoline prices? To address these questions, GAO relied on previous reports, including (1) a 2005 GAO primer on gasoline prices, (2) a 2005 GAO report on the proliferation of special gasoline blends, and (3) a 2004 GAO report on mergers in the U.S. petroleum industry. GAO also collected updated data from a number of sources that we deemed reliable. This work was performed in accordance with generally accepted government auditing standards https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-06-412T/html/GAOREPORTS-GAO-06-412T.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-06-412T/pdf/GAOREPORTS-GAO-06-412T.pdf GAO-06-412T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-06-412T Testimony GAO-06-412T; Energy Markets: Factors Contributing to Higher Gasoline Prices; Corporate mergers Cost analysis Crude oil Fuel gas industry Fuel prices Gasoline Petroleum industry Petroleum prices Petroleum products Prices and pricing