Current oil prices are going through the roof, with the world's population feeling powerless to stop the daily increase in costs that are being felt by everyday people. Oil prices are among the world's most debated and controversial topics, especially during times of economic downturn, elections and war. Crude oil prices directly affect the life of oil-dependent countries. Heating oil prices are different than crude oil prices. Domestic oil prices are also different from international oil prices.
Fuel oil prices affect all of us, our companies and the way our society functions. The oil barrel price translates to the price we pay at the pump, in the store and for the goods that contain petroleum. By knowing about the types of oil, how oil is priced and what you can do to find the best oil prices, you can stay ahead of the rising costs of everyday life.
1. Know the types of oil available for transportation, heating, and manufacturing.
2. Learn how oil is priced compared to other items on the world market.
3. Find the best oil deals in town or on the world stage.
Action Steps
The best contacts and resources to help you get it done
Know the types of oil available and how oil prices are calculated
The wide variety of available oils also translates to a wide variety of oil prices -- domestic oil prices, crude oil prices, heating oil prices and do on. From product packaging to fuel to food transport, oil is an integral part of everyday life. According to the Energy Intelligence Group there are about 161 types of crude oil. Only a few select ones are chosen for mass distribution. They are also treated and processed differently for the specific use, for example heating oils.
I recommend: The
Energy Information Administration has a listing of crude oil FAQs to help you gain more knowledge about the types of crude oil and how the type affects the pricing.
Chemgapedia offers the classifications of oil as deemed by the VLU for responses to oil cleanup efforts.
Learn how international oil prices are set
Oil prices have a long chain of command before they reach the consumer. From the rigger to OPEC to oil companies, oil supply and demand and oil product dealers all have a hand in what the consumer pays at the pump. Commodity traders are responsible for bidding on oil futures. When developing the bids, supply and demand, OPEC's quota, available oil reserves and AAA travel forecasts are all taken into consideration.
I recommend: Take the time to check out the
OPEC site and the information they offer. There is a graph on the world oil reserves, where they are stored and how much is currently available, as well as an Organigram which shows the OPEC organizational structure. Check out
Oil-Price.net for streaming oil prices and up-to-date oil news.
Find the best oil deals
The best determinant of how much you personally will pay for oil is how you use the oil available to you. The best way to save on oil prices is to decrease your oil consumption, but there are other ways to catch a break on high oil prices. To save money on gas, maintain you car and drive smart. To save money on home heating oil, create an energy efficient home environment.
I recommend: Wholesale oil prices are falling as well, but are shown to be lower than other oil prices as reported on the
Official Nebraska Government Website. Other evidence of this sinking trend in reported in
The Reporter Online. While this is not bringing down retail prices, it shows there are still options.
Tips & Tactics
Helpful advice for making the most of this Guide
- Oil prices directly affect most of the goods and services you receive, so to help lower the cost of living, you need to consciously lower your consumption.
The official source of Oil Prices is the Oil Prices page at Business.com
Related Resources from Business.com
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