Pump Prices Stay High as Crude Costs Ease
Fleet and freight operators should budget for refining and compliance costs, not just the crude oil price.
Updated on Nov. 2, 2026 in Oil and Gas
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Gas prices stay high at U.S. pumps even as crude oil prices move, according to U.S. Oil and Gas Association spokesman Dan Simmons, who attributed the gap to refining costs. Brent crude is trading around $118 a barrel, and the cost of gasoline also reflects transportation, station operating costs, taxes, and the renewable fuel standard.
Why it matters
Crude oil is only one input into what drivers pay, so a fall in crude does not automatically reach the pump. For businesses that buy fuel or ship goods, the gap between crude and retail gasoline means fuel budgets can stay elevated even when oil headlines suggest relief. The Iran conflict is cited as a factor affecting gas prices.
Brent crude is trading around $118 a barrel, and with 42 gallons in a barrel, dividing that price by 42 gives the oil cost per gallon of gasoline. The article does not break out the share of the retail price attributable to refining, transportation, station operations, taxes, or the renewable fuel standard.
The players
U.S. Oil and Gas Association
A trade association representing companies across the U.S. oil and gas industry, advocating on policy and industry operations.
Dan Simmons
A spokesman for the U.S. Oil and Gas Association who attributed high gas prices to refining costs rather than crude oil alone.
The details
Gasoline's price at the pump is built from several layers beyond the crude oil input, including refining costs, transportation, gas station operating costs, and taxes. The renewable fuel standard requires refiners to blend a set amount of renewable fuel into the fuel mix, and those added compliance costs are passed down to drivers. Because each layer is added on top of crude, retail prices can remain high even when crude itself falls.
Timeline
November 2, 2026: article published analyzing U.S. gas prices and refining costs.
Market Landscape
The renewable fuel standard requires refiners to blend a set amount of renewable fuel into the fuel mix, and its compliance costs feed into the gasoline price alongside refining, transportation, and taxes. Gasoline pricing in this framework tracks refining economics as much as the crude benchmark.
Operators who buy fuel for vehicles, delivery fleets, or freight should budget for retail gasoline costs that may not fall in step with crude oil prices. Fuel procurement and finance teams should track refining margins and renewable fuel standard compliance costs, not just the headline crude price.
The takeaway
Treat crude oil as one input rather than the whole story when forecasting fuel expenses. Track the crack spread and renewable fuel standard cost pass-through in your fuel budget reviews, and consult a qualified accountant on how fuel cost changes affect your financial planning.
Further reading
For broader context on how fuel costs move through the economy, explore more coverage in the Oil and Gas section.
Source note: This article includes information reported by abc15 Arizona.
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