"When worries about economic recession, war, and other large-scale disruptions increase, oil's path can shift fast. Changes in oil prices have an outsized impact on gas prices, which often rise and fall at different rates, a trend described as 'rockets and feathers.'"
"The U.S. has a store of crude oil known as the Strategic Petroleum Reserve, primarily for energy security during disasters. It provides temporary relief during supply shocks, assisting consumers and critical parts of the economy."
"Both oil and natural gas are key sources of energy. A significant change in oil prices can lead industries to swap natural gas for oil in their operations, affecting overall energy consumption."
As of 8:30 a.m. Eastern Time, oil is priced at $96.18 per barrel, down 88 cents from the previous day and up $28 from a year ago. Oil prices are difficult to predict due to various factors affecting supply and demand. Gas prices at the pump are influenced by crude oil prices, refining costs, taxes, and local station markups. The U.S. Strategic Petroleum Reserve serves as a temporary relief during emergencies, while fluctuations in oil prices can also impact natural gas usage in various industries.
Read at Fortune
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