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The Automobile Industry is a form of oligopoly market. The world Oil production market or Oil refining is also another oligopoly dominated by the ''seven sisters'' multinational oil companies like BP, Shell, and Exxon.

With oil's stature as a high-demand global commodity comes the possibility that major fluctuations in price can have a significant economic impact. The two primary factors that impact the price of oil are: supply and demand. market sentiment.

The Automobile Industry is a form of oligopoly market. The world Oil production market or Oil refining is also another oligopoly dominated by the ''seven sisters'' multinational oil companies like BP, Shell, and Exxon.

As with any commodity, stock or bond, the laws of supply and demand cause oil prices to change. When supply exceeds demand, prices fall and the inverse is also true when demand outpaces supply. The excess supply of oil caused oil prices to fall sharply.

A drop in fuel prices means lower transport costs and cheaper airline tickets. However now that the United States has increased oil production, low oil prices can hurt U.S. oil companies and affect domestic oil industry workers. Conversely, high oil prices add to the costs of doing business.