What do you think of this Post? The price of Brent crude is arguably one of the most important numbers when it comes to economics on the entire planet. Captured formally in the Dated Brent Index, this benchmark represents the value of physical deliveries of oil in the North Sea and gets used as a reference price for two-thirds of the world's crude oil supplies. As a result, the Dated Brent Index is seen as the global benchmark for the price of crude oil. The price changes every day and reflects everything from weather to geopolitical conflict. Transactions involving Brent crude are published more rarely than they were four decades ago when the index was adopted due to the dwindling supply of North Sea crude. Because of this, the benchmark is getting an adjustment which reflects increased imports and production in the US: West Texas Intermediate Midland, a company based in Texas, produces a form of crude similar in quality to Brent crude which will now be included in the benchmark. The effects of this are far-reaching. There are worries that this "tinkering" could cause people to lose trust in the index, thereby affecting its value and stability. At the same time, the over-representation of Brent crude in the market gives certain players undue influence as some have already tried to corner the market. Despite its historical influence, there is currently a demand for other fuel sources. While there were concerns about the change, it went into effect in May, and so far the market has been accepting. This ability to substitute between Brent crude oil and other fuels such as WTI Midland's crude is represented by a concept known in microeconomics as cross-price elasticity of demand: as supplies of North Sea crude decrease and prices rise, the demand for and price of alternative fuels such as WTI Midland's increase. The article highlights the importance of considering price elasticity when analyzing the market for different types of fuels from different sources, particularly in a volatile market that changes daily.