The oil market that sets today’s gas prices was invented in western Pennsylvania

October 9, 2026 · 12:09 pm 1 sources

Image: The Conversation

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• The oil market that sets today’s gas prices was invented in western Pennsylvania
  This article is republished from The Conversation under a Creative Commons license. Read the original article. · October 9, 2026 12:09
  A historian traces how Oil City brokers, then John D. Rockefeller, then futures exchanges decided what the world pays for crude – and why no one entity does today.