Here’s some more color on Oil: The WSJ decided to track the past few decades of Crude’s price history, both adjusted (and not) for inflation (quite informative).


click for larger graphic

Crude_infl_adj

Courtesy of WSJ
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Here’s their timeline:

1970: U.S. oil output peaks and begins a long decline

March 18, 1974
: Arab oil embargo ends

November 1974
: Industrialized nations found International Energy Agency, commit to holding strategic oil reserves

Feb. 11, 1979
: Iran is in revolution; the followers of Ayatollah Khomeini come to power
Second quarter of 1979: Amid price increase free-for-all among OPEC members, Saudi Arabia cuts production

Sept. 22, 1980
: Iran-Iraq war begins

Jan. 28, 1981
: President Reagan lifts U.S. oil price and allocation controls

March 30, 1983
: Crude-oil futures begin trading in New York

November – December 1985
: Opec decides to increase market share; price war begins

August 2, 1990
: Iraq invades Kuwait

April 1994
: U.S. net imports of oil begin to consistently exceed domestic production

July 2, 1997
: Asian economic crisis errupts; oil demand drops

September 11, 2001
: Terrorist attacks on New York and Washington, D.C.

March 19, 2003
: U.S.- and British-led coalition invades Iraq

November 13, 2003
: Amid growing demand, supply disruptions and Middle
East tensions, IEA says China is biggest driver of global oil demand

Category: Commodities

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

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