The WTI price you see quoted in the news is what's called a "front month," which refers to the futures contracts that expire closest to the current date. In North America, we track oil prices using West Texas Intermediate (WTI), a crude blend sourced primarily from Texas that serves as one of several global benchmarks for oil futures, or the contracts that buyers agree to pay oil producers for a barrel of crude at a specified future date. A Non-Political Explanation of Crude Oil Prices Let's dive into the crude world of gasoline. What's happening with record-high gas prices is simple and yet so complex that not one single actor deserves all the blame. Republicans blame Joe Biden, Democrats blame Big Oil, the Greens would like us to convert to bicycles, and in northern Connecticut, Ralph Nader is laughing at everyone. But are they on a downward trend that will get us back to pre-pandemic levels? The answer is no, not this year. It's gas prices: They went down for the first week in months. Whatever libations you may have consumed during the fireworks or the tinnitus that came after is not our concern.
You may have felt a slight tingle if you visited a gas station after July 4.
It's a complex global landscape out there. They have less control over the situation than we'd like to think. Don't blame gas station owners or the president.The bad news: That isn't likely before 2023, and anything can happen between now and then.First, the good news: despite a lot of nerve-racking volatility, the price of crude oil is expected to go on a downward trend, reversing the record levels we've seen so far this year.
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