When oil prices spike, where does the money go?

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The market for oil is global, which is why events like the war in Iran affect oil prices – and prices of the wide range of products made from oil – literally everywhere. Crude oil may be the most important commodity in the global economic system. When global oil prices rise because of the war in Iran, oil companies operating in West Texas effectively get a windfall gain: Prices rise more quickly than costs, at least in the short run.

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