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Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
West Texas Intermediate (WTI) is a grade or mix of crude oil; the term is also used to refer to the spot price, the futures price, or assessed price for that oil. In colloquial usage, WTI usually refers to the WTI Crude Oil futures contract traded on the New York Mercantile Exchange (NYMEX).
In 2008, oil prices rose briefly, to as high as $145 per barrel, [25] and U.S. gasoline prices jumped from $1.37 to $2.37 per gallon in 2005, [26] causing a search for alternate sources, and by 2012, less than half the US oil consumption was imported. However, as of January 2015, the price of oil has decreased to around $50 per barrel. [27]
Energy prices remained a key contributor to the overall CPI and were up by 27% on a year-over-year basis in January. Within energy, fuel oil prices jumped 9.5% on a monthly basis, tracking the ...
Recent surges in energy and commodity prices have also contributed notably to the headline CPI, with fuel oil prices rising by 12.3% month-on-month in the October CPI, and natural gas rising by 6. ...
Oil company Phillips 66 announced Wednesday that it plans to shut down a Los Angeles-area refinery by the end of 2025, citing market concerns. The company said it will remain operating in the state.
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