Oil industry-funded studies on the issue have limited sway with crude oil prices go up, is that going to change gasoline prices in the United States.
Plastic is a by product of oil therefore the price should go up
As a result of a downturn in the worlds economic activity the demand for crude reduces causing the price to go down.
In short, weakening of the US dollar, e.g., due to the weakening US economy, causes crude oil prices to go up. Strengthening dollar makes the price of crude oil to decrease. It is explained by the Purchasing Power Parity theory, which assumes that the producers of crude oil should get the same price for oil in their own currency, after exchanging dollars they receive for crude oil.
The average price of a barrel of crude oil in 1901 was 96 cents.
In 1977, the average price for a barrel of crude oil was $14.40 (about $60.00 in today's dollars).
The average price for a barrel of crude oil in May 2007 was: $58.90
The average price for a barrel of crude oil in 2000 was: $26.72
There are many reasons why NYMEX crude oil goes up and down in prices. This includes the level of production from crude oil suppliers as well as world events and government policy.
In 1997, the average price for a barrel of crude oil was $18.64 (about $30.00 in today's dollars).
From 2005-2010, the average price for a barrel of crude oil is: about $67.00.
The highest price for barrel of crude oil reached $128.08in July 2008.
In 1976, the average price for a barrel of crude oil was $13.10 (about $50.19 today).