In 2008, WTI traded at a premium over the “Global” oil price. Now, due to some new domestic production (like Bakken and other oil from Shale formations) and pipeline bottle necks, WTI is traded at a discount to the “Global” oil price.
The following are a few months behind, but if you compare the prices from early this year, to 2008, you will see the difference between the relative prices of the Quoted WTI and the average price of oil that the refineries purchase.
http://eia.doe.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=F003048623&f=M
http://eia.doe.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=R1200____3&f=M
http://eia.doe.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=R1200____3&f=M
http://eia.doe.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=R0000____3&f=M
The result is average price refineries are paying now is early the same price today as they were back then to bring in the oil.
The average price for a barrel of oil purchased by US refineries in July 2008 was 129.03. The quoted price in the Media now and then is WTI delivered to Cushing next month.
Keep in mind most oil that is used in our refineries is not bought one month in advance on the NYSE, it as an average for more long term contracts.
Thank you.