An old article explaining the role of the oil futures market in setting prices; a lot of what we see at the pump is determined long before hand by the buyers and sellers. I liked this one because it links to older predictions and speaks to the level of uncertainty in oil prices, even among experts.
A current article outlining inflation adjusted oil prices; worth it for the graph alone:
Here is the same thing written more clearly:
The nominal price is the one that people experience and has the largest impact on how consumers think of the price of gas (e.g. it’s always going up)
One interesting thing: CPI, the official estimate of inflation, doesn’t take oil prices into account because they are so unpredictable.
this is a little technical:
Basically, when you remove oil from our import/export calculations, the falling dollar has led to more exports and fewer imports (e.g. more American firms are selling their goods abroad)
Despite being a crisis for students studying abroad, it very good for employment and American made goods