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Oil Prices Cracked Up To Be

2-line chart showing Crude Price and 3:2:1 Crack Spread. Chart subtitle: Record high crack spreads on top of higher crude prices are behind $5 gasoline. Chart visual description: Left Y-axis is labeled "Crude $/bbl" and ranges from $0 to $160. X-axis shows dates from July 1992 to April 2021, though data is through June 2022, and is shown in 15-month increments. Right Y-axis is labeled “3:2:1 Crack Spread $/bbl” and spans $0 to $60. First line is purple and represents WTI Crude Oil. Second line is tan and represents 3:2:1 Crack Spread. Chart data description: WTI Crude Oil line starts at $21 at far left, with a few peaks and valleys in the years since 1992. The peak, in June 2008, hit $140, with the next highest peak beyond 2008 in May of 2022, at $114. June 2022 price was $105. Crack Spread Line is more volatile over time, with July 1992 data at $2.65. Peak was in June 2022, at $47.65, with April and May closely following. Prior peak was in August 2005 at $46.62. Chart source: Bloomberg. End chart description.
Posted on July 19, 2022August 3, 2022 Full size 2867 × 1550

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Published inOil Prices Aren’t All They’re Cracked Up to Be

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