I used to trade oil in Tokyo. We traded the physical before that I traded in London for a company that will not name here. The company had the headquarters in Switzerland and despite the fact that had no oil leases and concessions of any producer company or country (nationalized) producer this company had long term contracts to market and distribute the oil, we worked with BP, Exxon etc..I know that the bulk of the oil Exxon sells does not cost them market price - they all have long term contracts below (usually what the spot price is). The owner is happy that he is guaranteed a certain price even if the spot price would fall below the agreed contact price. Right now some oil companies have still long term leases for ~30 USD a barrel. Yet every time spot price moves the company changes the price at the pumps to gauge the consumer and everybody else companies, rich and poor alike. What I am saying is that these pumps should not change their stupid prices every time the Crude futures move 10 USD up and down. The price for Exxon ir Shell typically does not change at all.