It is the commodities traders who would ruin their Brooks Brothers suits if they had to handle a drop of oil. Prices at the wellhead have risen slightly, but so much is sold on long term contracts, not the spot market. A number of years ago I was working the oilfield in Wyoming. West Texas Intermediate was selling at around $100 a barrel, Wyoming Intermediate was selling for $60 because of limited refining and limited take away (pipeline out) capacity. The oil market is not monolithic, like about everything and the manipulators are the ones really cashing in right now.
