What is the Price of Oil?. de Wit, J. & Smith, A. Agricultural and Resource Economics Update, 2008.
What is the Price of Oil? [link]Paper  abstract   bibtex   
A quoted price for a commodity such as oil is specific to a particular location at a particular time. This article describes how the crude oil prices reported in the media relate to world oil prices and local gasoline prices.
@misc{dewit2008price,
  title={What is the Price of Oil?},
  author={de Wit, Joeri and Smith, Aaron},
  howpublished={Agricultural and Resource Economics Update},
  volume={11},
  number={5},
  pages={1-4},
	url={https://giannini.ucop.edu/publications/are-update/issues/2008/11/5/what-is-the-price-of-oil/},
  abstract={A quoted price for a commodity such as oil is specific to a particular location at a particular time. This article describes how the crude oil prices reported in the media relate to world oil prices and local gasoline prices.},
	year={2008}
}

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