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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...


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Submitted Feb 11, 2013 By: PD
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Author Topic: Oil: there isn't just one set price Back to Topics
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USMCturtlehead
Champion Author Lexington

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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.
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lgwhitlock
Champion Author Chico

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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...
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prcoqui
Champion Author Maryland

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Message Posted: Feb 12, 2013 6:58:27 AM

What else is new?
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fillerupyeoww
Champion Author Columbus

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Message Posted: Feb 12, 2013 6:09:35 AM

Nothing has a set price.
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pitamon
Champion Author Philadelphia

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Message Posted: Feb 12, 2013 6:08:15 AM

Yes we know.
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smqua
Champion Author Cleveland

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Message Posted: Feb 12, 2013 6:08:11 AM

Different refining process for different products
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dar 1
Champion Author Michigan

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Message Posted: Feb 12, 2013 6:08:09 AM

They are ALL TO HIGH
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epf
Champion Author Grand Rapids

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Message Posted: Feb 12, 2013 6:04:54 AM

Just like grades of beef.
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katmandue
Champion Author Detroit

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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?
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raccoon2011
Champion Author Massachusetts

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Message Posted: Feb 12, 2013 6:03:05 AM

its all driven by oil futures
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mickeymike
Champion Author Pennsylvania

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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!!!
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otherdave
Champion Author Indiana

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Message Posted: Feb 12, 2013 6:01:23 AM

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

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Message Posted: Feb 12, 2013 6:01:12 AM

Old
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pepinoNC
Champion Author Raleigh

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Message Posted: Feb 12, 2013 6:00:48 AM

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

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Message Posted: Feb 12, 2013 6:00:18 AM

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

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Message Posted: Feb 12, 2013 5:59:32 AM

all greed-driven.
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bobzilla11
Champion Author Indiana

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Message Posted: Feb 12, 2013 5:59:06 AM

speculate baby speculate
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LeeFree
Champion Author Pittsburgh

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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.
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chuckohio
Champion Author Columbus

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Message Posted: Feb 12, 2013 5:51:55 AM

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

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Message Posted: Feb 12, 2013 5:51:37 AM

not helping
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gch42
Champion Author Georgia

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Message Posted: Feb 12, 2013 5:51:36 AM

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

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Message Posted: Feb 12, 2013 5:50:15 AM

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

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Message Posted: Feb 12, 2013 5:47:30 AM

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

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Message Posted: Feb 12, 2013 5:46:26 AM

no kidding
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jimraehl
Champion Author Utah

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Message Posted: Feb 12, 2013 5:45:51 AM

Obvious commentary.
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jeff95519
Champion Author California

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Message Posted: Feb 12, 2013 5:45:26 AM

so then what
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csnvcas
All-Star Author Illinois

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Message Posted: Feb 12, 2013 5:43:39 AM

Interesting
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Lengas
Champion Author Gary

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Message Posted: Feb 12, 2013 5:42:56 AM

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

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Message Posted: Feb 12, 2013 5:42:26 AM

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

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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!
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dbecks44
Champion Author Michigan

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Message Posted: Feb 12, 2013 5:40:38 AM

That's interesting.
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neptune2008
Champion Author Michigan

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Message Posted: Feb 12, 2013 5:37:47 AM

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

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Message Posted: Feb 12, 2013 5:36:39 AM

old news
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sparkie951
Champion Author Roanoke

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Message Posted: Feb 12, 2013 5:33:22 AM

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

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Message Posted: Feb 12, 2013 5:33:16 AM

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

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Message Posted: Feb 12, 2013 5:33:05 AM

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

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Message Posted: Feb 12, 2013 5:28:24 AM

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

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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?
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Foxt
Champion Author Minnesota

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Message Posted: Feb 12, 2013 5:26:46 AM

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

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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.
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jacob5066
Champion Author College Station

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Message Posted: Feb 12, 2013 5:24:09 AM

Old news
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Tru2psu2
Champion Author Winston-Salem

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Message Posted: Feb 12, 2013 5:22:53 AM

crazy!
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Maintroll
Champion Author Lexington

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Message Posted: Feb 12, 2013 5:22:48 AM

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

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Message Posted: Feb 12, 2013 5:21:37 AM

Joke
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Beau2140
Champion Author New York

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Message Posted: Feb 12, 2013 5:21:36 AM

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

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Message Posted: Feb 12, 2013 5:19:53 AM

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

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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!
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74celica
Champion Author Columbus

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Message Posted: Feb 12, 2013 5:16:53 AM

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

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Message Posted: Feb 12, 2013 5:16:52 AM

Old news
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djp071158
Champion Author Detroit

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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?????
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