United States; Costs; Crude oil; Economics; Regression analysis; Stochastic models; Stochastic systems; Time varying control systems; Value engineering; COVID-19 pandemic; Crude oil prices; Oil price volatility; Parameter vectors; Realized crude oil price volatility; Stochastic volatility; Time varying parameter; Time-varying parameter vector autoregression model with stochastic volatility; Vector autoregression models; VIX; West texas intermediate; West texas intermediates; currency; economic activity; inventory; oil production; oil supply; price dynamics; stochasticity; vector autoregression; COVID-19; Time-varying parameter vector autoregression model with stochastic volatility (TVP-VAR-SV); West Texas intermediate (WTI)