$93.60 Oil Price: Global Events and Supply Drive Market Volatility

The current price of oil as of August 19th is $93.60 per barrel, using Brent as the benchmark.

This represents an increase of $1.18 since yesterday morning and $27.41 more than at this time last year.

OPEC whims, evolving energy initiatives and policies, and global events such as wars and recessions have a significant impact on oil prices, which can move sharply in response to changes in supply and demand.

The price you see at the gas pump reflects more than just crude oil, including the costs of refining, distribution through wholesalers, various taxes, and the margin your neighborhood station charges. Crude oil is still the largest single driver of the final pump price, typically representing over half of each gallon's cost.

The U.S. maintains a stockpile of crude oil known as the Strategic Petroleum Reserve, which can be used in emergencies to ease the pain of sudden price jumps when supply gets disrupted.