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Crude oil prices are the primary driver of petroleum product prices

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What drives crude oil prices?An analysis of 7 factors that influence oil markets,with chart data updated monthly and quarterlyFebruary 12, 2013 | Washington, DCU.S. Energy Information AdministrationIndependent Statistics & Analysiswww.eia.govCrude oil prices react to a variety of geopolitical and economiceventsprice per barrel(real 2010 dollars, quarterly average)140120Global financial collapseimported refiner acquisition cost of crude oilWTI crude oil priceIran-Iraq War100Low sparecapacity80Saudis abandonswing producer roleU.S. spare9-11 attacks60 capacityexhaustedAsian financial crisis40Iranianrevolution20Arab Oil Embargo01970OPEC cuts targets4.2 mmbpd19751980OPEC cuts targets1.7 mmbpdIraq invades Kuwait198519901995200020052010Sources: U.S. Energy Information Administration, Thomson ReutersFebruary 12, 20132World oil prices move together due to arbitragedollars per barrelreal 2010 dollars, monthly average150WTI crude oilBrent crude oilDubai crude oilTapis crude oilMars crude oil12510075502502001200220032004200520062007200820092010201120122013Sources: Bloomberg, Thomson ReutersFebruary 12, 20133Crude oil prices are the primary driver of petroleum productpricesprice per gallonreal 2010 dollars, monthly averageprice per barrelreal 2010 dollars, monthly average5.00168Hurricane Katrina shutsdown refineries & pipelines4.00Po

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