Absolute truth. Most price fluctuations are due to commodities traders who would ruin their $3000 suits if they actually handled any oil. Refiners buy oil on contract and only fill in with spot market oil as needed. The price of West Texas oil is much higher than similar quality Wyoming crude, which typically sells for about half the TX price due to lack of take away capacity (pipelines). Even if there were adequate pipelines, the well head price would reflect the cost of transportation. The oil industry is not monolithic.
