Editor: It is time to make some crude remarks about IRAC and gas prices. There was an attempt to explain IRAC’s crude principles in Monday’s Guardian. In part: “while WTI prices (the crude reference for Western North American crude) have fallen, Brent crude prices (the predominant pricing determinant used by East Coast North American Refineries) have actually risen . . .”
Crudely put, please show us Brent crude prices or both WTI and Brent crude prices. The current crude price reports, in the media, seem to be WTI crude. When we see crude prices drop and gasoline prices rise, we make crude remarks about IRAC. Were we to see crude reports of the Brent prices, we might make crude remarks about Brent crude, as well.
Would we make fewer crude remarks about IRAC (and lose an Island sport)? That would be too crude.