Save for later Print Download Share LinkedIn Twitter Sky-high oil prices around the world are crippling consumer budgets and fueling inflation. High prices are also somewhat stabilizing the oil market — for the moment. Consumers are slowing demand growth. Refiners are stepping up crude runs and producing more products, and the once huge refinery margins are coming down fast. Inventory draws for key products like gasoline, diesel and jet fuel have slowed to a trickle. Key is eroding demand growth. Where was the price pain point? Product prices went all the way up to the equivalent of $160 per barrel. The 20% strengthening of the US dollar made oil even more expensive for importing nations.