Current crude oil prices have become an important factor to the bottom line of every business, especially in recent years. Nearly every firm is affected by the increase in price, whether it's from operational costs of machinery, delivery cost increases or the increased cost of mileage. Keeping close tabs on the oil industry and its prices are more important than ever before.
Crude oil prices are just the beginning of the equation when it comes to understanding oil prices. The cost of a barrel of crude oil is the starting point for the determination of other substances made from it. The cost of heating oil and gasoline are both vital to many businesses but they don't always rise and fall along with the cost of oil. Think about the following when looking into oil prices:
1. Current oil prices for a barrel of crude oil are often the beginning of determining cost increases and decreases.
2. Heating oil prices are rising drastically nearly every year.
3. Gasoline is the most common form of refined crude oil.
Action Steps
The best contacts and resources to help you get it done
Get local oil prices
The cost of oil has a drastic impact on many parts of business. Keeping track of the past, current and possible future of oil costs is vital to deciding which direction you want your business to head.
I recommend: Oil-Price has the current oil price and clearly lists both trends in price and happenings within the oil industry. The site
zFacts has a very clear agenda when it comes to oil prices, but they do provide nice "over time" style graphs and oil price charts that are adjusted for inflation so you can easily see the trends in the industry.
Bloomburg has a continually auto-updated page that shows the price of oil futures as speculated on the stock market.
Find your heat oil price
In the past, heating oil was one of the most cost efficient ways to heat basic residential and commercial buildings, but over the last few years it has changed to one of the most expensive. It's important to note that many sites that track the cost of heating oil only do it during the colder months, usually October through March.
I recommend: The
Energy Information Administration or EIA, part of the U.S. Department of Energy, has a chart of both retail and wholesale oil prices. They track many kinds of information about energy prices and make it available to the public.
Home Heating Oil Prices allows you to enter your zip code to receive local information on kerosene, propane and fuel oil.
Keep oil prices in mind when buying gas
The oil crisis has hit everybody the hardest at the gas pump. The cost of deliveries is increasing as well as maintaining fleet cars. As the price of oil increases so does the price of gas, but they aren't always in line with one another.
I recommend: Gasbuddy is the most prominent gas price monitoring site on the Internet today. It monitors stations all across the U.S. and Canada for gas prices and overall pricing trends.
Automotive is similar to Gasbuddy but offers an area search and a more comprehensive breakdown of prices.
Tips & Tactics
Helpful advice for making the most of this Guide
- The EIA has an enormous amount of information regarding all sorts of oil prices. They keep track of every type of energy producing substance, charting its price and availability over time. They are an excellent resource for any long term trend research for your business.
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