Who determines the price of crude oil and how?

Question

Who determines the price of crude oil and how?

Answer 1

you can help determinng it by buying or selling oil.

Answer 2

Futures markets in NYC,London and Dubai.

Sidenote, the oil companies will say supply and demand,China,India etc, but if you look at the nos. it's not there! The US gets most of it's oil from...THE USA,then Canada and Venezuela. I don't have the exact % but I believe the US get less than 10% of it's oil from the Middle East.

If China and India stop subsidizing their oil/gas prices would be higher than our prices.

Bottom line is if the frat boys in the futures market would act with some common sense this situation would not be happening,but money talks :(

Good luck.