Gas Could Easily Go To $5 And Crush The National Economy

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48. Regulation of oil speculation in the US won't affect the world market

The price for imported oil is set by the prices for Brent, Bonny Light, Dubai, and other internationally traded crudes. These prices, which tend to follow Brent, are what determine the price of imported crude oil. The price of imported crude sets the price into refineries on the US coasts.

The cash settlement price for Brent is established by Platts, based on their assessment of prices paid for cargoes at Brent and at a few other points in the North Sea.

http://www.platts.com/Products/crudeoilmarketwire

Although they are a subsidiary of McGraw Hill, it is doubtful that the US govt would have much control over them.

Global Network


Platts employs a total staff of more than 900, and maintains a network of correspondents spanning the globe. It has more than 15 offices in key cities, including major energy centers such as London, Dubai, Singapore and Houston, and global business centers such as Sao Paulo, Shanghai and New York, where its headquarters is located.


Products & Services


Platts publishes news, research, commentary, market data and analysis, and more than 9,000 price assessments daily that are widely used as benchmarks in the physical and futures markets. Its products and services include real-time news and price information; end-of-day market data; newsletters and reports; geospatial data and maps; conferences; and a weekly television program broadcast in the US and online.



In addition, Platts serves customers through two business lines that operate under their own well-established brand names: The Steel Index (TSI), a price information specialist which compiles indexes through the collection of transaction data from industry participants, and BENTEK Energy®, a specialist in natural gas fundamental market data analysis.