Scott Bauer, for the CME Group
AT A GLANCE
- Crude oil, the main ingredient in gasoline, accounts for nearly 60% of regular gasoline’s pump price
- Bottlenecks at Gulf Coast refineries, outages in Europe and sanctions on Russian oil have helped push crude prices higher
There are more than 150 types of crude oil, each with their own consistency, chemical makeup, and uses. However, when we talk about oil, we usually refer to the type that is found and used in…
