Crude Oil

Crude oil is not just unrefined petroleum, but also a valuable commodity that is used throughout the world to keep our routine lives going strong. Read this section for more information on the future of oil and oil price information.

Current Crude Oil Prices

Current oil prices flucatate quite a bit, and it is rough to give the price at any given point. As of March 7th, light sweet crude oil was valued at a little over $61 dollars a barrel, which is about 42 gallons.

The Future of Crude Oil

There happen to be quite a few theories about the future of crude oil out being researched currently. Some, like Hubbert's peak oil theory, say that the world will hit its peak amount of oil relatively soon, and begin a steep decline.

Crude Oil Pricing

Crude oil pricing is a complicated matter that many people will claim any number of causes for. At its core, oil is priced per barrel, at the New York Mercantile Exchange where it is bought and sold. However, even this is complicated, as most oil is sold "over-the-counter".

Historic Crude Oil Prices

Crude oil has become so ingrained into our society that it is a very good scale by which to see historic events, just by checking its prices at any given time. The sharp increase in the world's oil prices in the 1970s, for example, shows that the US probably shouldn't have focused on controlling the market.

NYMEX Crude Oil

NYMEX, or the New York Mercantile Exchange, is the world's largest physical commodity futures exchange for crude oil. What people buy and sell crude oil at on the floor, which is regulated by the Commodity Futures Trading Commission, are the basis for what people pay for crude oil throughout the world.

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