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August 12, 2005
Record Oil Prices?
Steve Verdon points out that
the "record" isn't a really a record. Sure it is a record in nominal dollars, but this is like looking at your paycheck and saying you are rich because you are earning so much more than you did 25 years ago. You see, 25 years ago the price of oil was just under $40/barrel. So what is $40 from 1980 worth today? Ninety four dollars and 42 cents.
the difference between inflation adjusted dollars and nominal dollars ... there's a link to a good chart in the article ...
Posted at August 12, 2005 02:32 PM | Categories: Economics
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