Oil Index
Definition:
25% weighting of Brent Crude Oil and 75% West Texas Intermediate monthly average of the daily spot price, with each monthly reading adjusted to .6P(t)+.3P(t-1)+.1P(t-2) where P(t) is the current monthly average price; it is then deflated by the Consumer Price Index, and the final index is inverted in order to reflect a negative indication for Florida when prices rise.
Source:
St. Louis Federal Reserve
Frequency:
TBD Rising oil prices decreases the purchasing ability of Florida residents, as well as affecting tourism adversely. It has a negative affect on the index.
