The price of jet fuel is more important than the price of oil, although obviously they are connected. You can find historical spot prices for jet fuel here.

May 6, 2008 jet fuel at LAX is $3.55 a gallon. Exactly 5 years earlier, in May 6, 2003 the airlines were only paying 72 cents a gallon for the same fuel. The implications on fare prices is obvious if it stays this way.

If my favorite 777-300ER holds 47,890 gal then a "full tank of gas" cost EVA Air $34,241 in May 2003 but in May 2008 that same fuel cost them $170,139 to fill up their 777. (OK, so they didn't have the 777-300ER's yet in 2003 but it was cheap for them to fill up their 747-400's then, the point is fuel cost has increased 500% in 5 years..)

While LAX-TPE does not burn a "full tank of gas" it probably comes close.

If they have that 777-300ER configured with 316 seats, my share of a full tank of gas to fly across the Pacific was about $100 in 2003. Now it is about $500, just for fuel.