The price of gasoline is seemingly central to everything right now. The Fed is watching it closely, which means the stock market is watching it closely. The public is focused on it. Gas prices seem to be a determinant of President Joe Biden’s popularity. OK, so what actually determines the price of gasoline? Of course oil is a big driver. But there’s more to it than just oil, including the refiner’s margin, the gas station’s margin and more. To demystify the price of a gallon of gas, Patrick DeHaan, the top petroleum analyst at GasBuddy, came on the podcast. The transcript has been lightly edited for clarity .