Oil Trades at $112.93 per Barrel on May 19, 2026

M. Eastern Time on May 19, 2026. 77 recorded one year earlier. The current price reflects changes in supply and demand. Futures markets update continuously during trading hours, incorporating news about potential future supply and demand, including geopolitical developments and decisions by OPEC+.

Crude oil accounts for more than half the cost of gasoline at the pump. Additional costs include refining, wholesaling, taxes, and retail markup. When oil prices rise, gasoline prices typically follow, though declines in oil prices often translate more slowly to the pump.

U.S. Strategic Petroleum Reserve serves as a backup supply during emergencies such as sanctions, storm damage, or war. It provides short-term relief for consumers and supports essential industries, emergency services, and public transit.

Oil prices have shown significant volatility over decades.

Sharp increases have followed wars and supply cuts, while steep drops have occurred during recessions and periods of oversupply. In the early 1970s, Middle East exports fell during the Yom Kippur War. Prices declined in the mid-1980s amid lower demand and increased non-OPEC production.

Prices rose in 2008 with global demand growth before falling during the financial crisis. In 2020, demand collapsed during COVID lockdowns, pushing prices below $20 per barrel. U.S. shale production can increase supply and moderate price spikes. 5 million acres in the Coastal Plain of the Arctic National Wildlife Refuge for oil and gas leasing.