Economic observes such as you and I are all too aware of the relationship between gas prices and oil prices. Perhaps you’ve even gone so far as to notice when the best time to gas up is (right after oil prices jump up). But sometimes, you simply don’t want to think about how all that works. Thankfully, some people who are much smarter than I am have built a little calculator. You put in the price of oil, and it tells you what gas prices should be at that level.
For instance, with oil currently running around $115 (a specific oil called Brent Crude), the implied gas price is around $3.71. This means prices may be headed up because the national average is lower. If the price of oil fell to $80, the implied price of fuel falls to $2.84. At $46, gas gets to $1.99.
Check out the calculator yourself and stay on top of where gas prices are headed.