"At 9 a.m. Eastern Time today, oil was priced at $97.78 per barrel with Brent serving as the benchmark. That's a gain of $4.02 compared with yesterday morning and around $31 higher than the price one year ago."
"Gas prices at the pump don't only track crude oil. They also include what it takes to refine and move that fuel, the taxes layered on top, and the extra markup your local station adds to stay in business."
"In case of emergency, the U.S. has a store of crude oil known as the Strategic Petroleum Reserve. Its primary purpose is energy security in case of disaster."
"A big change in oil prices can affect natural gas. For example, if oil prices increase, some industries may swap natural gas for some segments of their operations where possible."
Oil is currently priced at $97.78 per barrel, reflecting a $4.02 increase from the previous day and a $31 rise from a year ago. Forecasting oil prices is challenging due to various influencing factors, primarily supply and demand. Gas prices at the pump are affected by crude oil prices, refining costs, taxes, and local station markups. The U.S. Strategic Petroleum Reserve serves as a temporary relief during emergencies, while fluctuations in oil prices can also impact natural gas usage in various industries.
Read at Fortune
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