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1、UnderstandingToday’sCrudeOilandProductMarketsTableofContentsOverview1InternationalCrudeOilMarket3UnderstandingToday’sCrudeOilandProductMarketsPhysicalMarketsandOilPrices5FinancialMarketsandCrudeOilPrices13U.S.RefiningSector17DistributionandMarketing21Summary25Credits27OverviewA
2、mericanconsumershavefoundthemselvesfacinghigherHowisitthatoverthepastfewyears,consumershaveToproperlyaddressthesequestions,weneedtounderstand◆Third,pricesreflecttheinteractionsofthousandsofbuyerspricesforgasoline,heatingoil,andotherpetroleumproducts.realizedasustainedincreasein
3、thepricestheypayforthreeimportantpoints:andsellers,eachbringingforththeirrespectiveknowledgeThequestionpolicymakers,aswellasconsumers,seektopetroleumproductsthatarecriticaltotheireconomicandexpectationsofthedemandforandsupplyofcrudeansweris:well-being?Whatisitthathascausedthepr
4、iceofcrudeoil◆First,crudeoilandpetroleumproductsareglobaloilandpetroleumproducts.Theseinteractionsoccurintopushpast$70perbarrel?Andhowdoesthisaffectthecostcommoditiesand,assuch,theirpricesaredeterminedthephysicalaswellasfuturesmarkets,withtheattendantofgasolineandotherpetroleum
5、products?bysupplyanddemandfactorsonaworldwidebasispricesreflectingbothcurrentandfutureexpectedsupply(Figure1).anddemandconditions.◆Second,thepriceofcrudeoilisthemostsignificantSohowdothesepointsrelatetothecurrentpricesforWhy?factordeterminingthepricepaidforpetroleumproducts.gas
6、oline,heatingoil,andotherpetroleumproducts?TheseConsequently,thepriceofgasolineislargelydeterminedproductsrepresentacriticalsourceoffuelfortheworld’sbytheworldwidedemandforandsupplyofcrudeoil.economy,whichrecentlysustainedaperiodofstronger-than-First,let’sstartwiththefacts.expe
7、ctedgrowth.Thiseconomicgrowthgaverisetostronger-than-anticipatedglobaldemandforthesefuels,whichreducedavailableexcessproductioncapacityaswellasthequalityofthebarrelsofcrudeavailabletothemarketplace.Thesechangesinglobalsupplyanddemandwerecompoundedbytheunexpectedlossesinbothcrud
8、eoilproduc-tionandrefiningcapacityintheUnitedStatesfro
