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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:2,026 Points:104,900 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:7,395 Points:1,687,445 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:3,960 Points:1,675,150 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:5,890 Points:1,651,390 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:4,909 Points:1,827,335 Joined:Sep 2004	Message Posted: Feb 12, 2013 6:08:15 AM Ignore pitamon Report Abuse Yes we know.
smqua Champion Author Cleveland Posts:1,688 Points:586,745 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:5,903 Points:446,615 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:6,344 Points:1,893,305 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:8,076 Points:2,135,095 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:1,404 Points:353,225 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:2,844 Points:596,865 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:3,398 Points:1,270,135 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:4,835 Points:677,475 Joined:Apr 2011	Message Posted: Feb 12, 2013 6:01:12 AM Ignore alphanyr Report Abuse Old
pepinoNC Champion Author Raleigh Posts:2,164 Points:659,990 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:4,067 Points:802,245 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:1,987 Points:389,815 Joined:Apr 2012	Message Posted: Feb 12, 2013 5:59:32 AM Ignore Dailyrun Report Abuse all greed-driven.
bobzilla11 Champion Author Indiana Posts:1,206 Points:496,625 Joined:May 2011	Message Posted: Feb 12, 2013 5:59:06 AM Ignore bobzilla11 Report Abuse speculate baby speculate
LeeFree Champion Author Pittsburgh Posts:9,161 Points:2,245,400 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:1,268 Points:254,305 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:1,876 Points:435,235 Joined:Jun 2011	Message Posted: Feb 12, 2013 5:51:37 AM Ignore kirzon484 Report Abuse not helping
gch42 Champion Author Georgia Posts:11,829 Points:2,076,270 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:2,201 Points:913,225 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:1,567 Points:347,490 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:797 Points:200,680 Joined:Oct 2012	Message Posted: Feb 12, 2013 5:46:26 AM Ignore hockey_24 Report Abuse no kidding
jimraehl Champion Author Utah Posts:7,074 Points:1,638,540 Joined:Sep 2008	Message Posted: Feb 12, 2013 5:45:51 AM Ignore jimraehl Report Abuse Obvious commentary.
jeff95519 Champion Author California Posts:2,462 Points:1,356,190 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:707 Points:168,890 Joined:Nov 2012	Message Posted: Feb 12, 2013 5:43:39 AM Ignore csnvcas Report Abuse Interesting
Lengas Champion Author Gary Posts:13,561 Points:2,718,975 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:7,206 Points:1,301,645 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:6,500 Points:1,640,220 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:1,352 Points:434,180 Joined:Jan 2012	Message Posted: Feb 12, 2013 5:40:38 AM Ignore dbecks44 Report Abuse That's interesting.
neptune2008 Champion Author Michigan Posts:8,583 Points:1,671,675 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:5,371 Points:1,931,955 Joined:Aug 2003	Message Posted: Feb 12, 2013 5:36:39 AM Ignore rjd1608 Report Abuse old news
sparkie951 Champion Author Roanoke Posts:4,180 Points:852,710 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:1,142 Points:246,170 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:5,336 Points:1,366,900 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:1,989 Points:688,945 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:12,751 Points:2,544,475 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:5,270 Points:2,022,280 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:1,408 Points:305,515 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:1,853 Points:431,790 Joined:Feb 2012	Message Posted: Feb 12, 2013 5:24:09 AM Ignore jacob5066 Report Abuse Old news
Tru2psu2 Champion Author Winston-Salem Posts:14,481 Points:1,556,605 Joined:Feb 2004	Message Posted: Feb 12, 2013 5:22:53 AM Ignore Tru2psu2 Report Abuse crazy!
Maintroll Champion Author Lexington Posts:8,639 Points:1,704,860 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:1,782 Points:723,475 Joined:Mar 2010	Message Posted: Feb 12, 2013 5:21:37 AM Ignore tco9436 Report Abuse Joke
Beau2140 Champion Author New York Posts:8,306 Points:1,659,110 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:573 Points:114,340 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:33,055 Points:2,347,460 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:1,440 Points:1,811,650 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:2,270 Points:436,820 Joined:Feb 2012	Message Posted: Feb 12, 2013 5:16:52 AM Ignore metrojeep Report Abuse Old news
djp071158 All-Star Author Detroit Posts:678 Points:294,200 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?????