On the Oil Price Thing

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by Chris Black

$147 per barrel got us $4.14 in 2007.

That price only lasted a few weeks until the massive recession dropped oil all the way back to $27.

$5 per gallon on $113 oil?

Doesn’t really make any sense.

Of course the price at the pump doesn’t reflect the price of a barrel of oil anymore.

Wall Street doesn’t even use the price of WTI to benchmark gasoline contracts.

Just wait until the airline’s existing contract fuel prices end. We’ll all see a doubling or tripling of ticket prices, with several carriers going bankrupt.

See also  This price growth of 326% since 2000 is 4.5 times the rate of CPI inflation (+73.2%), which crowns San Diego the most splendid housing bubble on this list, followed by Los Angeles and Seattle

The truck that brings you your food gets eight miles per gallon too. Hope you’re growing a vegetable garden and raising some cows/goats.

The “great reset” starts first with the great shutdown.

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