Oil Prices: Caught Between Sands & The Pipelines
Marin Katusa, Forbes
One of oil's most important characteristics is its fungibility, which means that a barrel of refined oil from Texas is equivalent to one from Saudi Arabia or Nigeria or anywhere else in the world. The global oil machine is built upon this premise "“ tankers take oil wherever it is needed, and one country pays almost the same as the next for this valuable commodity.
One of oil's most important characteristics is its fungibility, which means that a barrel of refined oil from Texas is equivalent to one from Saudi Arabia or Nigeria or anywhere else in the world. The global oil machine is built upon this premise "“ tankers take oil wherever it is needed, and one country pays almost the same as the next for this valuable commodity.
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