# Conventional oil and gas production and Refining and reforming

Their prices have moved together.

Source page: https://www.materialinsights.org/links/conventional-oil-and-gas-production-and-refining-and-reforming/

[Conventional oil and gas production](https://www.materialinsights.org/energy/e_oil_gas_conv/) (energy) and [Refining and reforming](https://www.materialinsights.org/energy/e_refining/) (energy): 1 relationship.

## How they are linked

### 1. Price link: main buyer

*Cost and price · Strong · Both ways*

Refineries turn crude into fuels, so their output prices follow the crude they buy. The US refinery price index follows the crude proxy closely: monthly moves correlate at 0.80 and yearly moves at 0.95.

- **0.80** monthly change correlation
- **0.95** 12-month change correlation
- **1.00** fitted elasticity

Built from the site data on production routes, energy flows, industry value chains, input-output tables and prices.