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

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.

By: Brian C. Black, Penn State, The Conversation

Outlets: The Conversation

Published: October 9, 2026

Words: 1,164

Last Updated: 1 week, 1 day ago

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By Brian C. Black, Penn State

The fall of 2026 is a moment of energy centrality, when geopolitics unfolding far away shows up in Americans’ everyday lives.

In Pennsylvania, the statewide diesel price averages US$6.50 per gallon. In Iowa, farmers are paying more than $6 a gallon for diesel. And in Alaska, unleaded gas runs more than $9 a gallon.

As a distinguished professor of history and environmental studies at …

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