Editing Petroleum (section)

== Industry ==
{{Excerpt|oil industry}}

=== Transport ===
{{excerpt|Petroleum transport}}
In the 1950s, shipping costs made up 33 percent of the price of oil transported from the [[Persian Gulf]] to the United States,<ref name="economist.com">{{Cite news |date=July 14, 2012 |title=A liquid market: Thanks to LNG, spare gas can now be sold the world over |newspaper=The Economist |url=http://www.economist.com/node/21558456 |url-status=live |access-date=January 6, 2013 |archive-url=https://web.archive.org/web/20140614054033/http://www.economist.com/node/21558456 |archive-date=June 14, 2014}}</ref> but due to the development of [[supertankers]] in the 1970s, the cost of shipping dropped to only 5 percent of the price of Persian oil in the US.<ref name="economist.com" /> Due to the increase in the value of crude oil during the last 30 years, the share of the shipping cost on the final cost of the delivered commodity was less than 3% in 2010.

=== Price ===
{{Excerpt|oil prices}}

=== Trade ===
[[File:Crude oil prices since 1861.png|thumb|Nominal and inflation-adjusted U.S. dollar price of crude oil between 1861 and 2015]]
Crude oil is traded as a future on both the [[NYMEX]] and [[Intercontinental Exchange|ICE]] exchanges.<ref>{{Cite web |title=Brent Crude Futures |url=https://www.ice.com/products/219/Brent-Crude-Futures |access-date=2024-02-22 |website=www.ice.com}}</ref> Futures contracts are agreements in which buyers and sellers agree to purchase and deliver specific amounts of physical crude oil on a given date in the future. A contract covers any multiple of 1000 barrels and can be purchased up to nine years into the future.<ref name="PortaraCQG">{{Cite web |title=Historical Crude Oil Intraday Data (CLA) |url=https://portaracqg.com/futures/int/cla |access-date=August 30, 2022 |website=PortaraCQG |language=en-US}}</ref>