Not Logged In Log In   Sign Up   Points Leaders
Follow Us    11:15 PM

GasBuddy News Article

66
votes
Oil: there isn't just one set price

GasBuddy Blog -- Many Americans see the price of oil quoted daily in various mediums: newspapers, on television, or they hear about it on the radio. Often crude oil benchmarks are quoted- say West Texas Intermediate crude- WTI, or Brent. However, it is only for simplicity, as dozens upon dozens of crudes all with their own individual prices are the ultimate factor in your gasoline prices.

Over 100 different types of crudes are listed here- and virtually all these different types of oil are priced differently according to several factors, including supply and demand. Why does this matter? Because what one refinery in Ohio pays for oil is certainly going to be different than what a refinery in California might pay, and the two types of crude oil will...


Read the Full Article

Submitted Feb 11, 2013 By: PD
Category: GasBuddy Official Blog > Topics Add to favorite topics   Post new topicPost New Topic
Author Topic: Oil: there isn't just one set price Back to Topics
REPLIES (newest first) Post a Reply
USMCturtlehead
Champion Author Lexington

Posts:1,132,850
Points:916,850
Joined:Feb 2013
Message Posted: Feb 12, 2013 12:36:45 PM

If oil prices are not related exponentially to gas prices then what are the main controlling factors of pricing. As far as I can relate pricing jumps whenever the news media or the government makes a statement. At the very end of 2012 the media was talking of stable prices running around the low $3 price range. Todays gas prices in Kentucky are at $3.70 so that blows that news story apart for being reliable.
lgwhitlock
Champion Author Chico

Posts:9,547
Points:2,479,810
Joined:Jun 2008
Message Posted: Feb 12, 2013 11:00:25 AM

As a commodity traded on the stock market reality has very little to do with pricing...
prcoqui
Champion Author Maryland

Posts:5,843
Points:2,189,000
Joined:Dec 2006
Message Posted: Feb 12, 2013 6:58:27 AM

What else is new?
fillerupyeoww
Champion Author Columbus

Posts:9,003
Points:2,399,205
Joined:Mar 2008
Message Posted: Feb 12, 2013 6:09:35 AM

Nothing has a set price.
pitamon
Champion Author Philadelphia

Posts:7,595
Points:2,603,855
Joined:Sep 2004
Message Posted: Feb 12, 2013 6:08:15 AM

Yes we know.
smqua
Champion Author Cleveland

Posts:2,627
Points:1,079,955
Joined:Mar 2011
Message Posted: Feb 12, 2013 6:08:11 AM

Different refining process for different products
dar 1
Champion Author Michigan

Posts:9,165
Points:605,435
Joined:Jan 2005
Message Posted: Feb 12, 2013 6:08:09 AM

They are ALL TO HIGH
epf
Champion Author Grand Rapids

Posts:9,728
Points:2,700,470
Joined:May 2004
Message Posted: Feb 12, 2013 6:04:54 AM

Just like grades of beef.
katmandue
Champion Author Detroit

Posts:9,416
Points:2,412,570
Joined:Jul 2006
Message Posted: Feb 12, 2013 6:03:26 AM

so that is why gas keeps going up even though the average oil price goes down?
raccoon2011
Champion Author Massachusetts

Posts:4,787
Points:1,158,790
Joined:Aug 2011
Message Posted: Feb 12, 2013 6:03:05 AM

its all driven by oil futures
mickeymike
Champion Author Pennsylvania

Posts:4,063
Points:907,785
Joined:Feb 2011
Message Posted: Feb 12, 2013 6:01:59 AM

Bullcrap. Stations price gas at what the economy will bear. For example...There are 2 Sheets stations in my area, one in a city setting and one in an affluent country setting. The city setting charges$3.69/gal, and 3 miles away the country setting charges $3.79/gal!!!
otherdave
Champion Author Indiana

Posts:6,801
Points:2,081,340
Joined:Oct 2008
Message Posted: Feb 12, 2013 6:01:23 AM

Why have one set price when you can have an ever-increasing price?
alphanyr
Champion Author Connecticut

Posts:11,895
Points:1,503,175
Joined:Apr 2011
Message Posted: Feb 12, 2013 6:01:12 AM

Old
pepinoNC
Champion Author Raleigh

Posts:5,549
Points:1,451,200
Joined:May 2011
Message Posted: Feb 12, 2013 6:00:48 AM

The market sets the price. Oil companies will charge whatever they can get.
GLM4205
Champion Author Toledo

Posts:6,923
Points:1,485,835
Joined:Dec 2010
Message Posted: Feb 12, 2013 6:00:18 AM

Well what can you do to stop this????
Dailyrun
Champion Author Kentucky

Posts:2,217
Points:434,915
Joined:Apr 2012
Message Posted: Feb 12, 2013 5:59:32 AM

all greed-driven.
bobzilla11
Champion Author Indiana

Posts:2,852
Points:1,241,395
Joined:May 2011
Message Posted: Feb 12, 2013 5:59:06 AM

speculate baby speculate
LeeFree
Champion Author Pittsburgh

Posts:12,494
Points:3,047,500
Joined:Jun 2005
Message Posted: Feb 12, 2013 5:53:50 AM

The only thing the average Joe can do is use as little as possible to save money.
chuckohio
Champion Author Columbus

Posts:4,420
Points:1,041,725
Joined:Aug 2012
Message Posted: Feb 12, 2013 5:51:55 AM

We need to keep conserving fuel and using alternative energy.
kirzon484
Champion Author Atlanta

Posts:5,139
Points:1,253,105
Joined:Jun 2011
Message Posted: Feb 12, 2013 5:51:37 AM

not helping
gch42
Champion Author Georgia

Posts:15,474
Points:2,907,815
Joined:Feb 2006
Message Posted: Feb 12, 2013 5:51:36 AM

So, what's the point? Why publish yje prices at all? Is GasBuddy usless?
gabisgram
Champion Author Michigan

Posts:4,408
Points:1,436,015
Joined:Sep 2006
Message Posted: Feb 12, 2013 5:50:15 AM

There is one price, high!
2parrots
Champion Author Massachusetts

Posts:5,154
Points:1,181,445
Joined:May 2012
Message Posted: Feb 12, 2013 5:47:30 AM

and we pay more & more at the pump
hockey_24
Champion Author KW

Posts:2,370
Points:520,405
Joined:Oct 2012
Message Posted: Feb 12, 2013 5:46:26 AM

no kidding
jimraehl
Champion Author Utah

Posts:10,413
Points:2,449,370
Joined:Sep 2008
Message Posted: Feb 12, 2013 5:45:51 AM

Obvious commentary.
jeff95519
Champion Author California

Posts:5,775
Points:2,185,485
Joined:Sep 2008
Message Posted: Feb 12, 2013 5:45:26 AM

so then what
csnvcas
All-Star Author Illinois

Posts:994
Points:236,980
Joined:Nov 2012
Message Posted: Feb 12, 2013 5:43:39 AM

Interesting
Lengas
Champion Author Gary

Posts:17,162
Points:3,531,050
Joined:Nov 2004
Message Posted: Feb 12, 2013 5:42:56 AM

The price is whatever the Big Oil Monopoly wants to charge.
Redink
Champion Author Indianapolis

Posts:10,338
Points:2,069,445
Joined:Aug 2005
Message Posted: Feb 12, 2013 5:42:26 AM

Big oil is still ripping us off.
greenfog
Champion Author Illinois

Posts:9,852
Points:2,439,935
Joined:Feb 2008
Message Posted: Feb 12, 2013 5:41:21 AM

doesn't matter how many prices and grades of oil there are, it all comes down to greed!
dbecks44
Champion Author Michigan

Posts:3,582
Points:1,181,225
Joined:Jan 2012
Message Posted: Feb 12, 2013 5:40:38 AM

That's interesting.
neptune2008
Champion Author Michigan

Posts:10,879
Points:2,393,795
Joined:Aug 2008
Message Posted: Feb 12, 2013 5:37:47 AM

oil down, gas up....2
rjd1608
Champion Author Toledo

Posts:8,704
Points:2,761,855
Joined:Aug 2003
Message Posted: Feb 12, 2013 5:36:39 AM

old news
sparkie951
Champion Author Roanoke

Posts:7,537
Points:1,677,115
Joined:Dec 2010
Message Posted: Feb 12, 2013 5:33:22 AM

Stick it too us... LOL
bassakwards007
Champion Author Orange County

Posts:4,426
Points:1,074,850
Joined:Aug 2012
Message Posted: Feb 12, 2013 5:33:16 AM

It seems to be whatever they want to charge is ok
vamike
Champion Author Virginia

Posts:8,343
Points:2,166,965
Joined:Dec 2008
Message Posted: Feb 12, 2013 5:33:05 AM

Yesterday's news again. 66 votes?
Settjec
Champion Author Little Rock

Posts:5,270
Points:1,480,845
Joined:May 2010
Message Posted: Feb 12, 2013 5:28:24 AM

A real easy way to rip off AMERICA!!!!
AvantiMick
Champion Author Indiana

Posts:16,022
Points:3,336,190
Joined:Dec 2005
Message Posted: Feb 12, 2013 5:27:12 AM

US oil SHOULD be much cheaper than Arab oil, but most times it's higher! Where's the greed?
Foxt
Champion Author Minnesota

Posts:8,588
Points:2,825,220
Joined:Jul 2006
Message Posted: Feb 12, 2013 5:26:46 AM

You don't really believe that do you?
snky2k
Champion Author Indianapolis

Posts:3,674
Points:1,082,920
Joined:Mar 2012
Message Posted: Feb 12, 2013 5:24:43 AM

Step 1) Confuse the consumers.

Step 2) Gouge them.

Step 3) Blame something they don't understand.
jacob5066
Champion Author College Station

Posts:5,238
Points:1,254,245
Joined:Feb 2012
Message Posted: Feb 12, 2013 5:24:09 AM

Old news
Tru2psu2
Champion Author Winston-Salem

Posts:18,498
Points:2,316,255
Joined:Feb 2004
Message Posted: Feb 12, 2013 5:22:53 AM

crazy!
Maintroll
Champion Author Lexington

Posts:12,008
Points:2,515,935
Joined:Aug 2008
Message Posted: Feb 12, 2013 5:22:48 AM

This is an old news item and it is time you replaced it.
tco9436
Champion Author Connecticut

Posts:2,738
Points:1,424,510
Joined:Mar 2010
Message Posted: Feb 12, 2013 5:21:37 AM

Joke
Beau2140
Champion Author New York

Posts:11,606
Points:2,455,185
Joined:Oct 2008
Message Posted: Feb 12, 2013 5:21:36 AM

Tax oil exports and lower our price at the pump.
oweno1
Champion Author San Diego

Posts:3,882
Points:888,240
Joined:Nov 2012
Message Posted: Feb 12, 2013 5:19:53 AM

true: it's just high or higher
tomok
Champion Author Portland

Posts:46,805
Points:3,172,985
Joined:Aug 2006
Message Posted: Feb 12, 2013 5:17:51 AM

There isn't just one set oil price? Different prices for different crude oil grades and the fuel price at the pump can be different in different areas. '?????' Really!
Big Oil and Big Gas sells fuel and natural gas on the world market for higher prices.
The US ‘oil and natural gas resources’ belong to the citizens of this country and are to be used by those same citizens! The price at the pump needs to go down to $2/gallon - *$3, *$3.50/gallon or *$4.00 is Not the new low!
More Refineries are Not the answer, Stop exporting fuel is!
Take care of the domestic fuel market first, above all else!
Drive vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money.
The price of fuel at the pump is too high!
74celica
Champion Author Columbus

Posts:4,814
Points:2,622,935
Joined:May 2006
Message Posted: Feb 12, 2013 5:16:53 AM

just plain stealing from the american public
metrojeep
Champion Author Fort Worth

Posts:5,739
Points:1,270,995
Joined:Feb 2012
Message Posted: Feb 12, 2013 5:16:52 AM

Old news
djp071158
Champion Author Detroit

Posts:3,954
Points:1,115,280
Joined:May 2012
Message Posted: Feb 12, 2013 5:16:33 AM

We need to start taxing our exports. Why are we exporting oil when we need it here at home?????
Bonanza
Champion Author Boston

Posts:16,094
Points:3,372,830
Joined:Jun 2004
Message Posted: Feb 12, 2013 5:16:28 AM

Yesterday's news
Post a reply Back to Topics