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Oil Today Is Cheaper Than in 1970

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  • Oil Today Is Cheaper Than in 1970

    Oil Today Is Cheaper Than in 1970
    By Paul Ausick March 6, 2015 1:20 pm EST

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    In 1970 a barrel of crude oil averaged about $13 a barrel. Adjusted for inflation, that same barrel of oil should cost about $78 today. Instead, West Texas Intermediate (WTI) crude oil for April delivery traded at just under $50 a barrel in the noon hour on Friday.

    With crude prices at multidecade lows, Saudi Arabia pushed its OPEC partners into adopting a policy of no production cuts and letting the market decide the winner. What Saudi oil minister Ali al-Naimi understands — and what many other oil industry experts fail to understand — is summed up in a question he asked at an OPEC conference in December 2014. In a paper by energy economist Philip Verleger, Naimi is quoted:



    Read more: Oil Today Is Cheaper Than in 1970 - ExxonMobil Corp (NYSE:XOM) - 24/7 Wall St. http://247wallst.com/energy-economy/...#ixzz3ThdTWCLj
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    THERE IS ONLY ONE ONANDI LOWE!

    "Good things come out of the garrisons" after his daughter won the 100m Gold For Jamaica.


    "It therefore is useless and pointless, unless it is for share malice and victimisation to arrest and charge a 92-year-old man for such a simple offence. There is nothing morally wrong with this man smoking a spliff; the only thing wrong is that it is still on the law books," said Chevannes.

  • #2
    Oil was $20 a barrel in 2005.

    A wha dio dah breddah yah? Dem think seh we figget?

    Sheik Yehmani said in an interview in about 2000 that it was Kissinger who wanted and engineer the 1970s oil crisis.

    Hummutch times mi haffi tell unno dat?

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