Who sets the price of oil for a barrell?

Question

Who sets the price of oil for a barrell?

Answer 1

country

Answer 2

The futures market and other speculators involved in the market.  It is based mostly on speculation and rarely carries with it a logic comprehensible to the average person.

Answer 3

your mom

Answer 4

The price of oil is determined by the stock market.  It is the traders that determine the price of oil.  Listen to the news and you will see that when something big happens somewhere in the world or something is perceived as it will have an impact on oil production then the price of oil will increase.  Even though most of the time the event does not do anything to the production or demand of oil.  It is all specultive.  Oil producing countries/companies can influence the price of oil by increasing or decreasing their production of oil.

Answer 5

OPEC (Oil & Petroleum Exporting Countries) as well as the Stock Market.  People invest in oil because it is in such a high demand right now and they can almost guarantee they can make money.  People are inherently greedy and they are much more concerned about personal wealth than the common good.

Answer 6

the new york stock exchange

Answer 7

Whoever is selling it

Answer 8

Do a google search on Lindsey Williams and watch the videos. He is a missionary that was chaplain in the oil fields in Alaska and was privy to inside info which he is able to document. He wrote a book by the name "The Energy Non Crisis" in which he spills the beans about the whole energy crisis being  nothing but BS. He says there are 13 families worldwide that control the world's finances and they set the price oil is sold for each day worldwide. Just check him out or better yet buy his book and you will be shocked as well as pissed off and scared to death! Don't doubt me or think I am telling a lie, I'm just the messenger so check it out for yourself and come to your own conclusion.

Answer 9

ME!!!

Answer 10

The oil companies. When it is high in demand the prices go up.( $3.89 a gallon  at the pump here in Omaha , Nebraska).

Answer 11

jesus, lol! pshh, who sets the prices for everything?! ...and you'll get this, it has a 40 dollar value for only 10 dollars! yes 10 dollars. when we had it made in china for a penny. bwahahaha! we are all suckers! ******* money!

Answer 12

The OPEC cartel sets the basic price but the final price is set by the international stock and futures markets of the world. Since developing nations like China and other asian nations have high demand for oil, it is driving the cost of oil way up. It is simply the market forces of supply and demand, free market sources.

Answer 13

da gubmint

Answer 14

The Monopoly Man.

Answer 15

There are these people called "the speculators". What they do is the provision what the Americans do and try to raise the prices accordingly to see if the Americans will not see what is hitting them. Another term for it is the middlemen. They also play a big part in the stock market and the economy.

It was aired on FOX News Sunday, earlier today.

Answer 16

One of the most common misconceptions is that OPEC is responsible for setting crude oil prices. Although OPEC did in fact set crude oil prices from the early 1970s to the mid-1980s, this is no longer the case. It is true that OPEC's Member Countries do voluntary restrain their crude oil production in order to employ advantages in the supply-demand  competition in the oil market, but this is not the same thing as setting prices.

In today's complex global markets, the price of crude oil is set by movements on the three major international petroleum exchanges, all of which have their own Web sites featuring information about oil prices.

They are the New York Mercantile Exchange (NYMEX, http://www.nymex.com),

the International Petroleum Exchange in London (IPE, http://www.ipe.uk.com) and

the Singapore International Monetary Exchange (SIMEX, http://www.simex.com.sg).

The Web sites of the Paris-based International Energy Agency (IEA, http://www.iea.org) and the US Energy Information Administration (EIA, http://www.eia.doe.gov),  have extensive historical information on oil prices.

Nothing has monetary value unless someone is willing to pay money to buy it, and the amount is related to the ability-willingness to pay to a level which excludes others buying in competition (when demand exceeds supply).

The action in these three "exchanges" defines the demand, but oil producers determine the supply.

Answer 17

the rich people who want to suck lots of money out of people's pockets.

Answer 18

The market.   It's all about supply and demand.  A high demand, with a low supply, will have higher prices, and vice-versa.  

And FYI, the government also taxes gas a lot, up to 30 cents a gallon.

Answer 19

since the dawn of oil  it always depended on these factors:

1) cost of production.

2) demand for oil worldwide.

3) natural disasters and politics.

1+2+3= Market

the only controlable variable above,  is politics, that is why we have befriended the kings of saaudi arabia after they boycot us back in the 1950's and oil prices here jumped thru the roof.

they boycot us because usa was helping the state of israel, and as muslim kings it did not suit their image back then,   so since then few presidents have visited and have been on close relatioship and exchanged huge gifts and military equipment with those oil giants, especially saaudi arabia.

Answer 20

that is a good question!!!!! i have no clue, but whoever it is needs to lower the prices!!!! i think it is the city and they tell the government and they decide to approve it or not. i dont really know, that is just a guess!!

Answer 21

The Saudis, but they would never admit direct influence.