Recession fears blunt demand, lowering prices. But conflict in the Middle East and OPEC+ production cuts could push them up again.

The scale, liquidity and stability of U.S. financial markets are partly behind the phenomenon.

The cartel wants to manipulate production to push up prices and demand.

Higher prices can correlate with economic strength. Also, OPEC is holding back supply.

Gas is close to the $3 per gallon mark and has broken that in parts of the South.

Production cuts may no longer be as effective at propping up prices because electric vehicles are cutting into global demand.

The expectation was that OPEC countries would continue cutting back supply. Some think the delay may mean there’s disagreement about that.

If the conflict widens to include direct confrontation with other nations in the Middle East, the economic shockwaves could be significant.

Since the end of September, Brent Crude has been sliding — down to the $84-a-barrel range, more than a 10% decline in just over a week. This is also playing out at the pump, with gas down about eight cents a gallon in the last week.

Tight global supply raises costs for industry and motorists, but for now, the pain is milder than it was during price spikes decades earlier.