Oil price

The market price of crude oil or a specified petroleum product, shaped by supply, demand, quality, location, and trading conditions.

Brent crude: A North Sea crude oil benchmark used to price much of the oil traded internationally. Its futures contracts anchor prices for many seaborne crude shipments.
Standard Oil: An American oil company founded by John D. Rockefeller that dominated refining and transport in the late nineteenth century. Its integrated control helped establish early forms of coordinated oil pricing.
Gasoline price: The price paid for gasoline, a refined petroleum fuel used mainly in road vehicles. Crude costs pass through to retail fuel prices alongside refining, taxes, and distribution.
Dubai crude: A Middle Eastern crude oil benchmark used especially for pricing exports to Asian markets. It represents a regional pricing system distinct from Atlantic-focused Brent and WTI.
1979 energy crisis: A period of oil supply disruption and sharp price increases following the Iranian Revolution. It shows how political upheaval can intensify inflation and energy insecurity.
West Texas Intermediate: A light, sweet crude oil benchmark associated with delivery at Cushing, Oklahoma. Its price reflects US crude conditions and serves as a major futures benchmark.
Texas Railroad Commission: A Texas regulatory agency that once controlled oil production through state-imposed production limits. Its output quotas influenced world oil supply before OPEC became dominant.
Diesel fuel: A petroleum-derived fuel used in diesel engines, freight transport, and some heating systems. Its price responds to crude costs and seasonal competition for distillates.
Oman crude: A Middle Eastern crude grade used as a benchmark for oil exported to Asia. Its trading and assessment help price sour crude flows that Brent does not represent well.
Oil price shock of 2014–2016: A steep decline in global oil prices driven by rising supply and changing producer strategies. It illustrates how production growth can overwhelm demand and strain exporters.

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