Gasoline and diesel prices are governed mostly by supply and demand worldwide. So, if you study what happens to them you get a better view of what is happening worldwide to economies. If the price drops you know economies are not buying much gas and diesel and if the price goes up you know worldwide economies are buying more gas an diesel.
So, by studying the price Gas and diesel are at where you live you can tell a lot what worldwide economies are experiencing.
One caveat: A war is being fought on multiple levels in the Middle East. It is to the advantage of all Sunni nations and Europe and the U.S. to have low oil prices during this war because this allows less money to flow into the hands of ISIS, Iran and Russia. So, there might be a factor in all this internationally where countries artificially are keeping the price of oil down to be patriotic to their respective countries.
But, if you are trying to make sense of what is happening in China since no truth will tend to emerge much from the government there, the price of oil might be the best indicator you can find to see what is actually going on there too.
2nd caveat: Many people have gotten into the oil drilling and shale oil gathering business worldwide because of very high oil prices a few years ago, so they don't want to lose their investments by going out of business during these times. So, this also affects world oil prices. The question might be: "How low can the prices of oil get before they go out of business?" For shale gatherers it is around 40 dollars a barrel or less. For oil drillers it might be 25 dollars a barrel or less. It takes more money to process shale than oil pumped from the ground.
This is also important because the more of them that go out of business during these times worldwide the worse it will be for everyone eventually when gas in the U.S. is 10 to 20 dollars a gallon because of not enough oil being pumped or processed because of not enough capitalized drillers or shale gatherers.
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