What is the Price of Oil?
de Wit, Joeri and Aaron Smith.
A quoted price for a commodity such as oil is specific to a particular location at a particular time. This article describes how the crude oil prices reported in the media relate to world oil prices and local gasoline prices.
crude oil prices, world oil prices, local gasoline prices
de Wit, Joeri and Aaron Smith. 2008. "What is the Price of Oil?" ARE Update 11(5): 1-4. University of California Giannini Foundation of Agricultural Economics.