Current crude oil prices have become an important factor to the bottom line of every business, especially in recent years. Nearly every firm is affected by the increase in price, whether it's from operational costs of machinery, delivery cost increases or the increased cost of mileage. Keeping close tabs on the oil industry and its prices are more important than ever before.

Crude oil prices are just the beginning of the equation when it comes to understanding oil prices. The cost of a barrel of crude oil is the starting point for the determination of other substances made from it. The cost of heating oil and gasoline are both vital to many businesses but they don't always rise and fall along with the cost of oil. Think about the following when looking into oil prices:

1. Current oil prices for a barrel of crude oil are often the beginning of determining cost increases and decreases.

2. Heating oil prices are rising drastically nearly every year.

3. Gasoline is the most common form of refined crude oil.

Action Steps
The best contacts and resources to help you get it done

Get local oil prices

The cost of oil has a drastic impact on many parts of business. Keeping track of the past, current and possible future of oil costs is vital to deciding which direction you want your business to head.

I recommend: Oil-Price has the current oil price and clearly lists both trends in price and happenings within the oil industry. The site zFacts has a very clear agenda when it comes to oil prices, but they do provide nice "over time" style graphs and oil price charts that are adjusted for inflation so you can easily see the trends in the industry. Bloomburg has a continually auto-updated page that shows the price of oil futures as speculated on the stock market.

Find your heat oil price

In the past, heating oil was one of the most cost efficient ways to heat basic residential and commercial buildings, but over the last few years it has changed to one of the most expensive. It's important to note that many sites that track the cost of heating oil only do it during the colder months, usually October through March.

I recommend: The Energy Information Administration or EIA, part of the U.S. Department of Energy, has a chart of both retail and wholesale oil prices. They track many kinds of information about energy prices and make it available to the public. Home Heating Oil Prices allows you to enter your zip code to receive local information on kerosene, propane and fuel oil.

Keep oil prices in mind when buying gas

The oil crisis has hit everybody the hardest at the gas pump. The cost of deliveries is increasing as well as maintaining fleet cars. As the price of oil increases so does the price of gas, but they aren't always in line with one another.

I recommend: Gasbuddy is the most prominent gas price monitoring site on the Internet today. It monitors stations all across the U.S. and Canada for gas prices and overall pricing trends. Automotive is similar to Gasbuddy but offers an area search and a more comprehensive breakdown of prices.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The EIA has an enormous amount of information regarding all sorts of oil prices. They keep track of every type of energy producing substance, charting its price and availability over time. They are an excellent resource for any long term trend research for your business.

Current oil prices are going through the roof, with the world's population feeling powerless to stop the daily increase in costs that are being felt by everyday people. Oil prices are among the world's most debated and controversial topics, especially during times of economic downturn, elections and war. Crude oil prices directly affect the life of oil-dependent countries. Heating oil prices are different than crude oil prices. Domestic oil prices are also different from international oil prices.

Fuel oil prices affect all of us, our companies and the way our society functions. The oil barrel price translates to the price we pay at the pump, in the store and for the goods that contain petroleum. By knowing about the types of oil, how oil is priced and what you can do to find the best oil prices, you can stay ahead of the rising costs of everyday life.

1. Know the types of oil available for transportation, heating, and manufacturing.

2. Learn how oil is priced compared to other items on the world market.

3. Find the best oil deals in town or on the world stage.

Action Steps
The best contacts and resources to help you get it done

Know the types of oil available and how oil prices are calculated

The wide variety of available oils also translates to a wide variety of oil prices -- domestic oil prices, crude oil prices, heating oil prices and do on. From product packaging to fuel to food transport, oil is an integral part of everyday life. According to the Energy Intelligence Group there are about 161 types of crude oil. Only a few select ones are chosen for mass distribution. They are also treated and processed differently for the specific use, for example heating oils.

I recommend: The Energy Information Administration has a listing of crude oil FAQs to help you gain more knowledge about the types of crude oil and how the type affects the pricing. Chemgapedia offers the classifications of oil as deemed by the VLU for responses to oil cleanup efforts.

Learn how international oil prices are set

Oil prices have a long chain of command before they reach the consumer. From the rigger to OPEC to oil companies, oil supply and demand and oil product dealers all have a hand in what the consumer pays at the pump. Commodity traders are responsible for bidding on oil futures. When developing the bids, supply and demand, OPEC's quota, available oil reserves and AAA travel forecasts are all taken into consideration.

I recommend: Take the time to check out the OPEC site and the information they offer. There is a graph on the world oil reserves, where they are stored and how much is currently available, as well as an Organigram which shows the OPEC organizational structure. Check out Oil-Price.net for streaming oil prices and up-to-date oil news.

Find the best oil deals

The best determinant of how much you personally will pay for oil is how you use the oil available to you. The best way to save on oil prices is to decrease your oil consumption, but there are other ways to catch a break on high oil prices. To save money on gas, maintain you car and drive smart. To save money on home heating oil, create an energy efficient home environment.

I recommend: Wholesale oil prices are falling as well, but are shown to be lower than other oil prices as reported on the Official Nebraska Government Website. Other evidence of this sinking trend in reported in The Reporter Online. While this is not bringing down retail prices, it shows there are still options.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Oil prices directly affect most of the goods and services you receive, so to help lower the cost of living, you need to consciously lower your consumption.