Year ..............................................Money of...........Inflation
.......................................................the day ............adjusted
1864 - Pennsylvania oil boom...................$8.06....................$104.35
1876 - Russian oil exports start..................2.56.........................48.64
1948 - Rebuilding post World War Two.....1.99.........................16.74
1974 - Arab oil embargo..............................11.58........................47.54
1979 - Iranian revolution............................31.61........................88.13
1980 - Iran-Iraq war starts.......................36.83........................90.46
1990 - Iraq's invasion of Kuwait................23.73........................36.76
1998 - Asian economic crisis.......................12.72........................16.22
2003 - China 2nd biggest oil consumer.....38.27.......................40.83
+2007 Year-to-date average......................67.38.......................67.38
2 comments:
Oil has gone even higher since this post! It is amazing how much oil was in 1980 adjusted. What is more amazing is that we still have not done anything significant since then. Are we going to finally do something now or just talk about it again? The other day I picked up a book in the library from 1982 it talked about the recent energy movement and fuel cell and hydrogen powered cars in 1980's. What happened? Well the obvious answer is gas became cheap again so we forgot about those new technologies or threw them to the side. We should have began to develop infrastructure then. We should learn from our mistakes and begin now! We are living on false hope that oil will be discovered in the morning and prices will come done again. Action needs to be taken as the security threat to our nation is real. I believe that if gas went down to below $2 a gallon all of our efforts to save energy would be again pushed to the side. However, I do not think there is any chance of this happening and we may now be facing the consequences of being ignorant in the past.
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