Commonalities, uniqueness of oil as commodity explain crude oil, gasoline price behavior

Over the past year commodities in general, and metals in particular, have registered double-digit increases in dollar prices.Oil has shared in the overall upward price movement. As with other commodities, world demand has been outpacing expectations, and available spare capacity has been declining sharply. In the case of crude oil, the limited spare capacity that exists is concentrated in a few Persian Gulf countries. Within the US, gasoline is in the spotlight. While crude oil costs are a significant component of gasoline prices, this product has its own specific, commodity-like problems that have helped push prices up beyond increases in crude costs. In particular, high demand has run u...

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