For months now, the cost of a barrel of crude oil has been falling and now, those prices are falling rapidly.
But what does the falling price of crude oil today mean for you at the gasoline pump? How will the price of a barrel of crude oil translate into the price you pay per gallon?
Well, we have an app for that! It's based on James Hamilton's regression analysis of oil prices and U.S. gasoline prices from 2000 through the present, the main thing you need to know to predict where the price of gasoline in the U.S. is the price of a barrel of Brent crude oil, which if you're accessing our site directly, appears below (via Oil-Price.Net)!
All you need to do is enter that current price in our tool, and we'll estimate how much the average price of a gallon of gasoline will be in the U.S. within the next several weeks.
This tool is an updated version of our original Where Are U.S. Gas Prices Going? tool, the math for which has become very relevant again!
Labels: economics, gas consumption, tool
Welcome to the blogosphere's toolchest! Here, unlike other blogs dedicated to analyzing current events, we create easy-to-use, simple tools to do the math related to them so you can get in on the action too! If you would like to learn more about these tools, or if you would like to contribute ideas to develop for this blog, please e-mail us at:
ironman at politicalcalculations
Thanks in advance!
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