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cheaper? Simple. It will cost more than $1.60 per editors barrel to get that Nigerian crude to the editors US – possibly editors much more. I have to admit at this point, I know very little about how the actual shipping of petroleum – and, more importantly, what it costs – works. In most non-term transactions, the buyer takes title of the oil at the producer's oil port, puts it on a tanker, and is at the whims of the market all the way home. In some instances, the seller assumes the cost of shipping and insurance as a way of encouraging sales. On December 28, Ecuador Oriente high-sulfur crude for shipment to the Gulf Coast was quoted at a bid-ask (the lowest price a buyer was willing to pay versus the highest price the seller wanted; it does not mean the crude actually traded) of $29.94–$30.09,
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