As war in the Middle East disrupts global supply, governments are urging individuals to conserve — even as most energy demand comes from industry and transportation.
WTI, Brent and Dubai oil are the three major oil benchmarks that serve as reference prices for traders. Meanwhile, the sourness or sweetness of the oil dictates how complex the conversion process will be.
In the 1960s, the German government put a tariff on American chickens. President Johnson then retaliated with a tariff on light-duty commercial vehicles and trucks. The back-and-forth has come to define the U.S. auto industry.