Why are oil prices so high?
High oil prices are in the news and in our pocketbooks. Why are they so high? Here is a news story that tries to answers this question. Lynne Kiesling, a Miami econ alum, has a post on her blog discussing the current energy bill.
More: Here is a link to an analysis of the history of oil prices with cool graphs. The data only goes to 2003. The current spot price of West Texas Intermediate is about $54.39, which in 2000 dollars is about $53.
More: Here is a link to an analysis of the history of oil prices with cool graphs. The data only goes to 2003. The current spot price of West Texas Intermediate is about $54.39, which in 2000 dollars is about $53.
posted by George at 6:54 PM
2 Comments:
So have gas prices been increasing in real terms?
Yes, particularly in the past two years. But at current price levels, nominal prices would have to exceed $5/gallon to be higher in real terms than they were in 1973-74.
Post a Comment
<< Home