Gas prices change daily due to a variety of factors, primarily influenced by fluctuations in crude oil prices. These fluctuations can be caused by global supply and demand dynamics, geopolitical events, natural disasters, and market speculation. Additionally, the cost of refining crude oil into gasoline, distribution and marketing expenses, and changes in taxes can impact gas prices.
Local supply and demand imbalances, seasonal variations in demand, market speculation, and exchange rate fluctuations also contribute to daily price changes. Retailers adjust their prices to remain competitive and respond to changes in wholesale prices, leading to frequent variations in gas prices at the pump.
