Oil #2: The Price Of Oil

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How do you determine the price of oil?
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This is the second of five episodes.

In the first episode of our oil series, we bought oil — and we paid $40 a barrel.

A few weeks earlier, the price of that same oil would have been about 25 percent more. A few weeks from now, it might be 25 percent lower. Oil is just that volatile. But why?

Today, we try to figure out who really sets the price of oil? We go from an oil well in Kansas to the Chicago Mercantile Exchange. We even manage to talk to an actual oil speculator.


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