But how much weight will that carry in one of the new General Motors cars whose dashboard indicator urges oil changes as far apart as 15, 000 miles (24, 000 kilometers)?

FORBES: Oreos and lubricants

Oil prices are also a good indicator on investor sentiment regarding the world economy.

FORBES: EU Tuesday "Deal" Seen Taking Another Chunk Out Of Oil Prices

Crude oil may be but one more indicator that the effects of quantitative easing are preemptive, expressing themselves in prices all the way to the announcement, but not necessarily as the policy is being executed.

FORBES: Why Oil Has Fallen Dramatically Since QE3 And Why It Could Drop To $82

However, on the most obvious indicator of all - the oil price - it's very much a double-edged sword.

BBC: Is Keystone a Touchstone?

Whereas big swings in oil prices usually reflect supply shocks, and precious metals are often seen as a safe haven in times of crisis, The Economist's commodity price index (which excludes oil and precious metals) has traditionally been a fairly good leading indicator of turning-points in global industrial output.

ECONOMIST: The prices of most raw materials have been surging

Frank's bill is still in its infant stages--no word yet on the administration's position. (The White House typically doesn't take a stance this early in the legislative game.) But if history is an indicator, anything that might impose more regulation on U.S. oil companies is not likely to go over well at 1600 Pennsylvania Ave.

FORBES: Seeing Through Big Oil