The Crude Oil Market Is a World Market

Crude makes up the largest proportion of what we're paying at the pump, that $4 a gallon. It's important to always talk about the crude oil market and recognize it is a world market. Usually the buyer is a refinery who wants to turn crude oil into diesel, jet fuel, and of course, gasoline. So I'm some refinery. I want oil. What do I do? You go to a broker typically and sometimes you have your own.