Oil prices have been up and down since the 1970s, affecting how much people spend on things other than oil. When oil prices go down, people tend to spend more on nonoil stuff, and when oil prices go up, they cut back on spending. This is because the U.S. imports a lot of oil, and the demand for oil doesn't change quickly when prices do. Recently, oil prices have been all over the place due to events like the global financial crisis and the COVID-19 pandemic. The way people react to oil price changes might be different now compared to before.