Oil price, to be specific crude oil is considered to be a very important commodity in almost all the countries and directly or indirectly it affects the world economy. Be it a developing nation or a developed nation they all highly depend on oil. So indispensably we are all affected by oil price change or any fluctuation occurs in the oil price graph. Any activity you think of oil is directly or indirectly dependent on oil.To take an example, travel dependent on oil, transport of daily use materials is dependent on oil and production of many commercial things are also dependent on oil. he cooking gas which we use in our homes is a byproduct of crude oil. So to a large extent the change in oil price graph affects the daily life and in large the states and the country. People who do trading keep a sharp eye on the changes in price of oil graph and speculate the changes in currency value. it has been seen whenever the opec countries release any revision in price of crude oil the currency value substantially changes. This shows how powerful the crude oil as a commodity is. Developing countries like India, China, Brazil and Russia have revealed in past that the gross domestic product of the countries were dependent on the crude oil in a big way. Economists and financial experts world wide always observe the price of oil graph closely and speculate their effects. Worldwide governments have petroleum ministries where the officials and  bureaucrats largely depend on these price of oil graphs to analyse the effects of crude oil price change and advise the governments to take necessary steps to control inflation. Inflation in a big way is an outcome in oil price rise and a standard oil policy can control inflation in a country. Most of the time though the price of oil graph has been seen have a steep change but the governments provide special subsidies to control the market price,however sometimes due to faulty policies or political decisions the oil companies bleed a lot which affects the whole nation in an undesired way.Hence it is very much important to take decisions regarding such an important commodity. By closely monitoring price of oil graph and changes and taking necessary steps in time economical problems can be avoided.Retrospective analysis of year wise fluctuations in the price of oil graphs also provides insights for long terms decisions.