by Keith Schaefer, OilandGas-Investments:
A determined James Stafford of OilPrice.com just busted wide open an oil industry information cartel that has existed for decades.
Most investors look at WTI and Brent prices at Bloomberg or CME Futures, and figure the oil price is in the public domain. You would be about 2% correct, because there are hundreds of different grades of oil, and hubs where it is bought and sold. And they all have different prices.
Since the age of oil began until a few months ago, most real time oil prices were jealously guarded by marketers, who used it to their advantage in the daily multi-billion dollar physical oil trade.
But I’m going to tell you the story of how Stafford and his small team made 18 months of calls, cajoling and ultimately paying for an amazing service you now get FOR FREE. It’s a true David vs. Goliath story. And just like in the Bible, the little guy won.
What they have assembled to date is remarkable, and free. You can access it through the link below:
This is an incredible and unprecedented collection of information available for the public.
Stafford says that the feedback he has received has been exceptional. With no marketing effort the oil price page is already receiving 40,000 visits daily.
It was an 18 month quest to democratize the world of oil pricing and bust the information cartel that has existed for decades.
A Simple Question – With No Easy Answer
Stafford’s quest started well over a year ago when he received a phone call from a reporter working for the Wall Street Journal. The journalist wanted help finding a simple piece of information.
He was writing an article about the African oil industry and simply wanted to know the current price for Bonny Light crude oil (the main benchmark price for Nigerian crude).
Now remember, this is a Wall Street Journal writer with access to an incredible network of contacts and research. This was not a casual retail investor sitting at home with pedestrian internet search skills and no industry contacts. You would expect that finding the current price for Africa’s main brand of crude for a Wall Street Journal writer would be a simple internet search or phone call away.
You would be wrong.