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The largest component of the average price of $2.80/gallon of regular grade gasoline in the United States from 2012 through 2021, representing 54.8% of the price of gas, was the price of crude oil. The second largest component during the same period was taxes—federal and state taxes representing 17% of the price of gas.
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However, Illinois has very limited crude oil proved reserves that account for less than 1% of the U.S. total reserves. Residential heating is 81% natural gas compared to less than 1% heating oil . Illinois is ranked 14th in oil production among states, with a daily output of approximately 28,000 bbl (4,500 m 3 ) in 2005.
Record-setting oil prices in the first half of 2008 and economic weakness in the second half of the year prompted a 1.2 Mbbl (190,000 m 3)/day contraction in US consumption of petroleum products, representing 5.8% of total US consumption, the largest annual decline since 1980 at the climax of the 1979 energy crisis.
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