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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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USMCturtlehead Champion Author Lexington Posts:1,963 Points:100,775 Joined:Feb 2013	Message Posted: Feb 12, 2013 12:36:45 PM Ignore USMCturtlehead Report Abuse 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:7,370 Points:1,682,570 Joined:Jun 2008	Message Posted: Feb 12, 2013 11:00:25 AM Ignore lgwhitlock Report Abuse As a commodity traded on the stock market reality has very little to do with pricing...
prcoqui Champion Author Maryland Posts:3,940 Points:1,671,250 Joined:Dec 2006	Message Posted: Feb 12, 2013 6:58:27 AM Ignore prcoqui Report Abuse What else is new?
fillerupyeoww Champion Author Columbus Posts:5,864 Points:1,646,515 Joined:Mar 2008	Message Posted: Feb 12, 2013 6:09:35 AM Ignore fillerupyeoww Report Abuse Nothing has a set price.
pitamon Champion Author Philadelphia Posts:4,889 Points:1,823,335 Joined:Sep 2004	Message Posted: Feb 12, 2013 6:08:15 AM Ignore pitamon Report Abuse Yes we know.
smqua Champion Author Cleveland Posts:1,676 Points:583,030 Joined:Mar 2011	Message Posted: Feb 12, 2013 6:08:11 AM Ignore smqua Report Abuse Different refining process for different products
dar 1 Champion Author Michigan Posts:5,882 Points:445,645 Joined:Jan 2005	Message Posted: Feb 12, 2013 6:08:09 AM Ignore dar 1 Report Abuse They are ALL TO HIGH
epf Champion Author Grand Rapids Posts:6,319 Points:1,888,430 Joined:May 2004	Message Posted: Feb 12, 2013 6:04:54 AM Ignore epf Report Abuse Just like grades of beef.
katmandue Champion Author Detroit Posts:8,056 Points:2,131,195 Joined:Jul 2006	Message Posted: Feb 12, 2013 6:03:26 AM Ignore katmandue Report Abuse so that is why gas keeps going up even though the average oil price goes down?
raccoon2011 Champion Author Massachusetts Posts:1,379 Points:349,020 Joined:Aug 2011	Message Posted: Feb 12, 2013 6:03:05 AM Ignore raccoon2011 Report Abuse its all driven by oil futures
mickeymike Champion Author Pennsylvania Posts:2,819 Points:592,945 Joined:Feb 2011	Message Posted: Feb 12, 2013 6:01:59 AM Ignore mickeymike Report Abuse 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:3,378 Points:1,266,235 Joined:Oct 2008	Message Posted: Feb 12, 2013 6:01:23 AM Ignore otherdave Report Abuse Why have one set price when you can have an ever-increasing price?
alphanyr Champion Author Connecticut Posts:4,795 Points:672,825 Joined:Apr 2011	Message Posted: Feb 12, 2013 6:01:12 AM Ignore alphanyr Report Abuse Old
pepinoNC Champion Author Raleigh Posts:2,138 Points:655,865 Joined:May 2011	Message Posted: Feb 12, 2013 6:00:48 AM Ignore pepinoNC Report Abuse The market sets the price. Oil companies will charge whatever they can get.
GLM4205 Champion Author Toledo Posts:4,042 Points:797,370 Joined:Dec 2010	Message Posted: Feb 12, 2013 6:00:18 AM Ignore GLM4205 Report Abuse Well what can you do to stop this????
Dailyrun Champion Author Kentucky Posts:1,967 Points:385,915 Joined:Apr 2012	Message Posted: Feb 12, 2013 5:59:32 AM Ignore Dailyrun Report Abuse all greed-driven.
bobzilla11 Champion Author Indiana Posts:1,191 Points:492,450 Joined:May 2011	Message Posted: Feb 12, 2013 5:59:06 AM Ignore bobzilla11 Report Abuse speculate baby speculate
LeeFree Champion Author Pittsburgh Posts:9,136 Points:2,240,525 Joined:Jun 2005	Message Posted: Feb 12, 2013 5:53:50 AM Ignore LeeFree Report Abuse The only thing the average Joe can do is use as little as possible to save money.
chuckohio Champion Author Columbus Posts:1,243 Points:249,430 Joined:Aug 2012	Message Posted: Feb 12, 2013 5:51:55 AM Ignore chuckohio Report Abuse We need to keep conserving fuel and using alternative energy.
kirzon484 Champion Author Atlanta Posts:1,851 Points:430,360 Joined:Jun 2011	Message Posted: Feb 12, 2013 5:51:37 AM Ignore kirzon484 Report Abuse not helping
gch42 Champion Author Georgia Posts:11,809 Points:2,072,370 Joined:Feb 2006	Message Posted: Feb 12, 2013 5:51:36 AM Ignore gch42 Report Abuse So, what's the point? Why publish yje prices at all? Is GasBuddy usless?
gabisgram Champion Author Michigan Posts:2,181 Points:909,325 Joined:Sep 2006	Message Posted: Feb 12, 2013 5:50:15 AM Ignore gabisgram Report Abuse There is one price, high!
2parrots Champion Author Massachusetts Posts:1,541 Points:343,365 Joined:May 2012	Message Posted: Feb 12, 2013 5:47:30 AM Ignore 2parrots Report Abuse and we pay more & more at the pump
hockey_24 All-Star Author KW Posts:777 Points:196,780 Joined:Oct 2012	Message Posted: Feb 12, 2013 5:46:26 AM Ignore hockey_24 Report Abuse no kidding
jimraehl Champion Author Utah Posts:7,049 Points:1,633,665 Joined:Sep 2008	Message Posted: Feb 12, 2013 5:45:51 AM Ignore jimraehl Report Abuse Obvious commentary.
jeff95519 Champion Author California Posts:2,437 Points:1,351,315 Joined:Sep 2008	Message Posted: Feb 12, 2013 5:45:26 AM Ignore jeff95519 Report Abuse so then what
csnvcas All-Star Author Illinois Posts:687 Points:164,990 Joined:Nov 2012	Message Posted: Feb 12, 2013 5:43:39 AM Ignore csnvcas Report Abuse Interesting
Lengas Champion Author Gary Posts:13,535 Points:2,714,850 Joined:Nov 2004	Message Posted: Feb 12, 2013 5:42:56 AM Ignore Lengas Report Abuse The price is whatever the Big Oil Monopoly wants to charge.
Redink Champion Author Indianapolis Posts:7,180 Points:1,297,370 Joined:Aug 2005	Message Posted: Feb 12, 2013 5:42:26 AM Ignore Redink Report Abuse Big oil is still ripping us off.
greenfog Champion Author Illinois Posts:6,475 Points:1,636,095 Joined:Feb 2008	Message Posted: Feb 12, 2013 5:41:21 AM Ignore greenfog Report Abuse doesn't matter how many prices and grades of oil there are, it all comes down to greed!
dbecks44 Champion Author Michigan Posts:1,332 Points:429,505 Joined:Jan 2012	Message Posted: Feb 12, 2013 5:40:38 AM Ignore dbecks44 Report Abuse That's interesting.
neptune2008 Champion Author Michigan Posts:8,558 Points:1,666,800 Joined:Aug 2008	Message Posted: Feb 12, 2013 5:37:47 AM Ignore neptune2008 Report Abuse oil down, gas up....2
rjd1608 Champion Author Toledo Posts:5,346 Points:1,927,080 Joined:Aug 2003	Message Posted: Feb 12, 2013 5:36:39 AM Ignore rjd1608 Report Abuse old news
sparkie951 Champion Author Roanoke Posts:4,160 Points:848,810 Joined:Dec 2010	Message Posted: Feb 12, 2013 5:33:22 AM Ignore sparkie951 Report Abuse Stick it too us... LOL
bassakwards007 Champion Author Orange County Posts:1,117 Points:241,295 Joined:Aug 2012	Message Posted: Feb 12, 2013 5:33:16 AM Ignore bassakwards007 Report Abuse It seems to be whatever they want to charge is ok
vamike Champion Author Virginia Posts:5,306 Points:1,362,025 Joined:Dec 2008	Message Posted: Feb 12, 2013 5:33:05 AM Ignore vamike Report Abuse Yesterday's news again. 66 votes?
Settjec Champion Author Little Rock Posts:1,964 Points:684,820 Joined:May 2010	Message Posted: Feb 12, 2013 5:28:24 AM Ignore Settjec Report Abuse A real easy way to rip off AMERICA!!!!
AvantiMick Champion Author Indiana Posts:12,727 Points:2,539,620 Joined:Dec 2005	Message Posted: Feb 12, 2013 5:27:12 AM Ignore AvantiMick Report Abuse US oil SHOULD be much cheaper than Arab oil, but most times it's higher! Where's the greed?
Foxt Champion Author Minnesota Posts:5,245 Points:2,017,405 Joined:Jul 2006	Message Posted: Feb 12, 2013 5:26:46 AM Ignore Foxt Report Abuse You don't really believe that do you?
snky2k Champion Author Indianapolis Posts:1,383 Points:300,640 Joined:Mar 2012	Message Posted: Feb 12, 2013 5:24:43 AM Ignore snky2k Report Abuse Step 1) Confuse the consumers. Step 2) Gouge them. Step 3) Blame something they don't understand.
jacob5066 Champion Author College Station Posts:1,828 Points:427,665 Joined:Feb 2012	Message Posted: Feb 12, 2013 5:24:09 AM Ignore jacob5066 Report Abuse Old news
Tru2psu2 Champion Author Winston-Salem Posts:14,460 Points:1,552,705 Joined:Feb 2004	Message Posted: Feb 12, 2013 5:22:53 AM Ignore Tru2psu2 Report Abuse crazy!
Maintroll Champion Author Lexington Posts:8,619 Points:1,700,210 Joined:Aug 2008	Message Posted: Feb 12, 2013 5:22:48 AM Ignore Maintroll Report Abuse This is an old news item and it is time you replaced it.
tco9436 Champion Author Connecticut Posts:1,772 Points:719,925 Joined:Mar 2010	Message Posted: Feb 12, 2013 5:21:37 AM Ignore tco9436 Report Abuse Joke
Beau2140 Champion Author New York Posts:8,281 Points:1,654,235 Joined:Oct 2008	Message Posted: Feb 12, 2013 5:21:36 AM Ignore Beau2140 Report Abuse Tax oil exports and lower our price at the pump.
oweno1 All-Star Author San Diego Posts:558 Points:111,415 Joined:Nov 2012	Message Posted: Feb 12, 2013 5:19:53 AM Ignore oweno1 Report Abuse true: it's just high or higher
tomok Champion Author Portland Posts:32,934 Points:2,342,585 Joined:Aug 2006	Message Posted: Feb 12, 2013 5:17:51 AM Ignore tomok Report Abuse 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:1,415 Points:1,806,775 Joined:May 2006	Message Posted: Feb 12, 2013 5:16:53 AM Ignore 74celica Report Abuse just plain stealing from the american public
metrojeep Champion Author Fort Worth Posts:2,234 Points:432,695 Joined:Feb 2012	Message Posted: Feb 12, 2013 5:16:52 AM Ignore metrojeep Report Abuse Old news
djp071158 All-Star Author Detroit Posts:653 Points:290,075 Joined:May 2012	Message Posted: Feb 12, 2013 5:16:33 AM Ignore djp071158 Report Abuse We need to start taxing our exports. Why are we exporting oil when we need it here at home?????