and how are the prices set?Who controls crude oil prices?
It's a combination of OPEC and our free market. OPEC is a group of oil-rich countries that come together to set the price for their oil so no one country monopolizes the market over the other. Since the middle-east is in such turmoil, naturally the prices have risen so the gov. can pay for wars, etc. Our free market doesn't let the gov. control the prices, so the oil companies in our country also set prices (fairly similarly) so they can make profit too.Who controls crude oil prices?
The market place, which includes speculators.
OPEC sets production levels for its members, this greatly influences the prices, however oil is a free-traded commodity and it is at the mercentile market that the price is set by what-ever people are willing to bid (buy) it at.
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