The enigma of fuel pricing

[creed 1,635]

I will be the first to admit I know very little of the oil industry. Regardless, it's hard for me to fathom how fuel cost have doubled in just the last 12 months or so. If someone, has knowledge of the industry how does a commodity (oil), which I assume is purchased on long-term contracts,  explodes in price in such a short period of time?

Edited April 2, 2022 by creed

[SaltyTiger 7,773]

13 hours ago, creed said:

I will be the first to admit I know very little of the oil industry. Regardless, it's hard for me to fathom how fuel cost have doubled in just the last 12 months or so. If someone, has knowledge of the industry how does a commodity (oil), which I assume is purchased on long-term contracts,  explodes in price in such a short period of time?

Covid, post covid demand, Putin, production…….couple of years ago all reasons would have been bundled into “lack of leadership” by a few around here.