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Petroleum - USA - Record Oil? Not Yet.
USA -Forbes, by Paul Maidment -17 July 2006: -- A summary of the headlines: The potential for a Middle East war drives up the cost of oil and the markets tank... -- What you're not hearing: Even at today's prices, crude oil is still not as expensive once inflation is taken into account as it was in the early 1980s, at least not yet... The price would have to top $87.70 for it to be a high in real as well as nominal terms for modern times. To set a record, crude would have to reach $104 a barrel, which is the value in 2006 dollars of the $8.06 a barrel oil hit in the mid-1860s shortly after it was first discovered in Pennsylvania...
posted by Unknown @ 5:15 PM
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