{"id":2151,"date":"2022-07-29T00:23:49","date_gmt":"2022-07-29T00:23:49","guid":{"rendered":"https:\/\/reddypipe.com\/?p=2151"},"modified":"2022-08-04T00:28:16","modified_gmt":"2022-08-04T00:28:16","slug":"who-sets-the-price-of-oil","status":"publish","type":"post","link":"https:\/\/reddypipe.com\/who-sets-the-price-of-oil\/","title":{"rendered":"Who Sets The Price of Oil?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2151\" class=\"elementor elementor-2151\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6b5c004 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6b5c004\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-07a72b4\" data-id=\"07a72b4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1dbf7c6 elementor-widget elementor-widget-text-editor\" data-id=\"1dbf7c6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">With shifting and rising gas prices, more people are wondering. Who is ultimately responsible for setting the price of oil? Is it the refineries? The gas companies? In this article, we aim to help you understand what goes into the changing oil prices, and who is behind the decisions when it comes to prices. <\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-100ffca elementor-widget elementor-widget-heading\" data-id=\"100ffca\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">What Affects Oil Prices?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1108fc6 elementor-widget elementor-widget-text-editor\" data-id=\"1108fc6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">While each company along the supply chain may be deciding in a small way what they are comfortable with when it comes to profit margins, the price of oil is a lot more fluid and affected by more things than a company just deciding what price to charge.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">The following things dramatically affect the price of oil:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Supply and Demand<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Geopolitics<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">As with any global product, supply and demand inherently affect the price of oil. If supply is boosted, then the price will drop. Alternatively, if the demand increases, then prices will surge. For instance, when covid was at its peak and we saw dramatically less traffic and travel, prices dropped dramatically due to the increased supply and reduced demand.<\/span><\/p><p><span style=\"font-weight: 400;\">Demand can also grow due to global population growth and the development in different countries as more vehicles are introduced. This can lead to growth in oil prices as well.<\/span><\/p><p><span style=\"font-weight: 400;\">Another factor in determining oil prices is geopolitics. The political climate, especially when an oil-producing state is involved, will ultimately affect oil prices. This is because it affects the perceived amount of future supply or demand. For instance, if an oil-producing country goes to war, other countries expect future supply to be reduced, which can cause prices to preemptively rise.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dbd277e elementor-widget elementor-widget-heading\" data-id=\"dbd277e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">Who Sets Oil Prices?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e157bf7 elementor-widget elementor-widget-text-editor\" data-id=\"e157bf7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">While supply, demand, and geopolitics strongly affect oil prices, one organization: The <\/span><a href=\"https:\/\/www.investopedia.com\/ask\/answers\/060415\/how-much-influence-does-opec-have-global-price-oil.asp\"><span style=\"font-weight: 400;\">Organization of the Petroleum Exporting Countries<\/span><\/a><span style=\"font-weight: 400;\">, or OPEC for short, controls over 50% of global oil supplies and about 90% of proven oil reserves and can influence prices by increasing or decreasing supply.<\/span><\/p><p><span style=\"font-weight: 400;\">If you are an oil producer and you need oil field supply, you can trust Reddy Pipe to supply all of your oil field supply needs.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>With shifting and rising gas prices, more people are wondering. Who is ultimately responsible for setting the price of oil? Is it the refineries? The gas companies? In this article, we aim to help you understand what goes into the changing oil prices, and who is behind the decisions when it comes to prices. What [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2152,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Who Sets The Price of Oil? - Reddy Pipe &amp; Supply<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Who Sets The Price of Oil? - Reddy Pipe &amp; Supply\" \/>\n<meta property=\"og:description\" content=\"With shifting and rising gas prices, more people are wondering. 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