This is an excellent illustration by the CME Group that explains the many variables behind the price of crude oil and ultimately the price we pay for gasoline.
Some of these factors are the increase in global demand as well as a fear of geopolitical conflicts that can create a great deal of uncertainty around the supply of crude oil. Additionally, logistics, energy transportation, and currency fluctuations all have an impact on the price we pay at the pump. For more information please visit the CME Group.