{"id":154,"date":"2026-05-27T21:11:51","date_gmt":"2026-05-27T21:11:51","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=154"},"modified":"2026-05-27T21:11:51","modified_gmt":"2026-05-27T21:11:51","slug":"current-price-of-oil-as-of-april-28-2026","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=154","title":{"rendered":"Current price of oil as of April 28, 2026"},"content":{"rendered":"<div>\n<div>\n<ul>\n<li>Discover the highest high-yield savings rates, up to 5% for May 27, 2026.<\/li>\n<li>Discover the highest CD rates, up to 4.20% for May 27, 2026.<\/li>\n<li>Discover the top CD rates from major banks on May 27, 2026.<\/li>\n<li>Discover the current mortgage rates for May 27, 2026.<\/li>\n<li>Discover current refi mortgage rates report for May 27, 2026.<\/li>\n<li>Discover current ARM mortgage rates report for May 27, 2026.<\/li>\n<li>Discover the current price of gold for May 27, 2026.<\/li>\n<li>Discover the current price of silver for May 27, 2026.<\/li>\n<\/ul>\n<\/div>\n<h2>Will oil prices go up?<\/h2>\n<p>No one can say for sure where oil prices will go next. Many forces shape the market\u2014but at the core, it\u2019s still about supply and demand. When risks like a potential recession or war ramp up, oil prices can change direction quickly.<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=152\">Current price of oil as of May 5, 2026<\/a><\/p>\n<h3>How oil prices translate to gas pump prices<\/h3>\n<p>When you buy gas at the pump, you\u2019re covering more than the cost of crude oil. You\u2019re also paying for every step in the process, including refineries, wholesalers, taxes, and the markup your local gas station adds.<\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<p>Even so, crude oil has the biggest influence on what you pay, often making up more than half the cost per gallon. When oil prices jump, gas prices usually climb right along with them. But when oil falls, gas prices often slip much more slowly\u2014a pattern sometimes called \u201crockets and feathers.\u201d<\/p>\n<h3>The role of the U.S. Strategic Petroleum Reserve<\/h3>\n<p>If an emergency hits, the U.S. keeps a backup supply of crude oil called the Strategic Petroleum Reserve. It\u2019s mainly there to protect energy security during crises, such as sanctions, catastrophic storm damage, even war. It can also help cushion the blow when supply shocks send prices soaring.<\/p>\n<p>It\u2019s not meant to solve long-term problems. Instead, it provides quick relief for consumers and helps keep vital parts of the economy moving, like essential industries, emergency services, and public transit.<\/p>\n<h3>How oil and natural gas prices are linked<\/h3>\n<p>Oil and natural gas are two of the world\u2019s primary energy sources. A big change in oil prices can affect natural gas by extension. For example, if oil prices increase, some industries may swap natural gas for some segments of their operations where possible, which which increases demand for natural gas.<\/p>\n<div>\n<div><\/div>\n<\/div>\n<h2>Historical performance of oil<\/h2>\n<p>When looking at how oil performs, two main benchmarks stand out:<\/p>\n<ul>\n<li> is the main global oil benchmark.<\/li>\n<li> is the main benchmark of North America.<\/li>\n<\/ul>\n<p>Of the two, Brent gives a better picture of global oil performance because it prices a large share of the world\u2019s traded crude. It\u2019s also the go-to for tracking oil\u2019s historical trends. In fact, even the U.S. Energy Information Administration now relies on Brent as its primary reference in its Annual Energy Outlook.<\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<p>If you look at the Brent benchmark over several decades, oil has been far from stable. It has experienced sharp rises tied to wars and supply cuts, along with steep drops linked to global recessions and oversupply (called a \u201cglut\u201d). For example:<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=150\">Employees using AI are working faster, but the economy isn\u2019t more efficient. A look at what happened in the pre-Internet era might explain why<\/a><\/p>\n<ul>\n<li>The early 1970s delivered the first major oil shock when the Middle East slashed exports and placed an embargo on the U.S. and others during the Yom Kippur War.<\/li>\n<li>Prices fell in the mid-1980s due to lower demand and an influx of non-OPEC oil producers joining the market.<\/li>\n<li>Prices surged again in 2008 as global demand grew, but then crashed alongside the global financial crisis.<\/li>\n<li>During the 2020 COVID lockdown, oil demand plummeted like never before\u2014pushing prices below $20 per barrel.<\/li>\n<\/ul>\n<p>To sum up, oil\u2019s historical performance has been anything but smooth. Again, it\u2019s heavily influenced by wars, recessions, OPEC whims, shifting energy policies, and much more.<\/p>\n<div>\n<div><\/div>\n<\/div>\n<h2>Energy coverage from\u00a0<em>Fortune<\/em><\/h2>\n<p>Looking to stay up-to-date regarding the latest energy developments? Check out our recent coverage:<\/p>\n<ul>\n<li>Former president of Costa Rica on de-risking fertilizer shocks<\/li>\n<li>Frontier and Avelo are asking the Trump administration for $2.5 billion to cover jet fuel costs<\/li>\n<li>Shell reverses course in Canada and doubles down on oil and gas<\/li>\n<\/ul>\n<h2>Frequently asked questions<\/h2>\n<details>\n<summary><span><\/p>\n<h3>How is the current price of oil per barrel actually determined?<\/h3>\n<p><svg><\/svg><\/span><\/summary>\n<p>The current price of oil per barrel depends largely on supply and demand, including news about potential future supply and demand (geopolitics, decisions made by OPEC+, etc.). In the U.S., prices also move based on how friendly an administration is to drilling, as it can affect future supply. For example, 2025 saw the Trump administration move to reopen more than 1.5 million acres in the Coastal Plain of the Arctic National Wildlife Refuge for oil and gas leasing, reversing the Biden administration\u2019s policy of limiting oil drilling in the Arctic.<\/p>\n<\/details>\n<details>\n<summary><span><\/p>\n<h3>How often does the price of oil change during the day?<\/h3>\n<p><svg><\/svg><\/span><\/summary>\n<p>The price of oil updates constantly when the \u201cfutures\u201d markets are open. A futures market is effectively an auction where people agree to buy or sell oil in the future. As long as people and companies are trading contracts, the oil price is changing.<\/p>\n<\/details>\n<details>\n<summary><span><\/p>\n<h3>How does U.S. shale oil production affect the current price of oil?<\/h3>\n<p><svg><\/svg><\/span><\/summary>\n<p>In short, shale is rock that contains oil and natural gas. Think of shale as energy yet to be tapped. The more shale the U.S. accesses, the more energy we\u2019ll have\u2014and the more easily oil prices can keep from spiking as much thanks to a greater supply.<\/p>\n<\/details>\n<details>\n<summary><span><\/p>\n<h3>How does the current price of oil impact inflation and the broader economy?<\/h3>\n<p><svg><\/svg><\/span><\/summary>\n<p>When oil is expensive, it tends to make everyday items cost more. This can be related to energy (your heating, gas utilities, etc.), but it\u2019s also due to the logistics involved with making those items accessible to you. Shipping, for example, can affect the price of things at the grocery store, as it\u2019s more expensive to get those products from warehouses and farms onto the shelf.<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=148\">The LEGO Foundation donates $97 million to bring play-based learning to over 5 million children in conflict zones<\/a><\/p>\n<\/details>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>When oil prices change, it affects your energy costs\u2014and even the price of everyday items. Here\u2019s why.<\/p>\n","protected":false},"author":1,"featured_media":153,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oil"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Current price of oil as of April 28, 2026 - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=154\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Current price of oil as of April 28, 2026 - Cross Country Moving Team\" \/>\n<meta property=\"og:description\" content=\"When oil prices change, it affects your energy costs\u2014and even the price of everyday items. 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