Inflation is low because housing prices are coming down (read: deflation) and U.S. exports are up 1/3.
Oil is up, that’s true, but oil is a smaller part of our GDP than is housing.
You will change your mind about oil when it gets to 150/barrel. There is no other product that touches EVERY part of our economy like oil, nothing. Not just your Ferrari, but its tires, paint, plastic, vinyl, leather processing, aluminum, grease, steel, copper, glass, and yes, even the asphalt or concrete it rolls on. Oops, forgot about the gas.
And how about at home? Lumber, electricity, paint, water, heating, washer & dryer, clothing, dishes, trash hauling, pool heater, lawn mower, tools, etc.
Oh, and the store? Packaging, transportation, flooring, refrigeration, freezers, lighting, ALL types of food processing, etc.
There is nothing, nothing in anyones life that is not touched by petroleum products, whether in manufacturing, distribution or use.
And as to the governments calculation of core inflation? They obviously don’t have to drive to work and feed a family, especially when it comes to the seasonally adjusted bull crap and their swapping of the “basket items”.