"When oil prices jump, gas prices usually climb right along with them. But when oil falls, gas prices often slip much more slowly—a pattern sometimes called 'rockets and feathers.'"
"The U.S. keeps a backup supply of crude oil called the Strategic Petroleum Reserve. It's mainly there to protect energy security during crises, such as sanctions, catastrophic storm damage, even war."
"A big change in oil prices can affect natural gas by extension. For example, if oil prices increase, some industries may swap natural gas for some segments of their operations where possible, which increases demand for natural gas."
As of 8:45 a.m. Eastern Time, oil is trading at $96.32 per barrel, reflecting a $29.70 increase from a year ago. Oil prices are unpredictable, influenced by various factors including potential recessions or conflicts. Gas prices are primarily driven by crude oil costs, which can account for over half of the price per gallon. The U.S. Strategic Petroleum Reserve serves as a backup supply during emergencies, providing short-term relief. Changes in oil prices can also impact natural gas demand as industries may switch energy sources based on price fluctuations.
Read at Fortune
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