"The oil industry is an essential factor to the functionality and prosperity of world economies today. Currently, this market is subject to a great deal of instability in terms of price volatility as foreign relations are tense, consumer confidence is shaken and supply and refining capacities are questionable. This thesis will explore the economic indicators and models that can give our society insight into the rapidly changing oil market. To concentrate this analysis, the oil industry in Illinois will be used as a smaller model of the aggregate oil industry in the United States. Illinois is a prime example of the state level oil market because of its leadership in the ethanol industry, a substantial refining presence and relatively high state level prices-at-the-pump. After evaluating the oil industry through the perspective of Illinois, this thesis will focus on developing and critiquing potential solutions to one of our nation's most pressing issues."--Author's abstract.