[joeltrout]

$this->bbcode_second_pass_quote('DantesPeak', '
')
Good call on the low price, since I think most likely we've seen the lows for the year already.

[emersonbiggins]

$this->bbcode_second_pass_quote('What2DO', 'I')f oil prices were adjusted to inflation what should a barrel of oil be going for ?

[Last_Laff]

How is this the first time if January New Year 100 dollar mark hit was the first time?

[emersonbiggins]

$this->bbcode_second_pass_quote('Last_Laff', 'H')ow is this the first time if January New Year 100 dollar mark hit was the first time?

[killJOY]

$this->bbcode_second_pass_quote('', 'H')ow is this the first time if January New Year 100 dollar mark hit was the first time?

[emersonbiggins]

$this->bbcode_second_pass_quote('killJOY', '
')Anyone care to verify?

[cube]

There's a theory floating around that oil must go down because we're in a recession. I guess it's time to makes some "revisions" to that theory. The 1970's have demonstrated quite well that just b/c the economy goes down that does not mean everything must go down. Commodities can still go up.

[BigTex]

$this->bbcode_second_pass_quote('cube', 'T')here's a theory floating around that oil must go down because we're in a recession. I guess it's time to makes some "revisions" to that theory. The 1970's have demonstrated quite well that just b/c the economy goes down that does not mean everything must go down. Commodities can still go up.

[oilluber]

$this->bbcode_second_pass_quote('BigTex', '')$this->bbcode_second_pass_quote('cube', 'T')here's a theory floating around that oil must go down because we're in a recession. I guess it's time to makes some "revisions" to that theory. The 1970's have demonstrated quite well that just b/c the economy goes down that does not mean everything must go down. Commodities can still go up.

[Graeme]

Why oil prices are at a record high

$this->bbcode_second_pass_quote('', 'R')obust demand for crude, real and threatened disruptions to supply and a weak U.S. dollar have fuelled the rally from a dip below $50 at the start of 2007.

Adjusted for inflation, oil is only just below the $101.70 peak hit in April 1980, according to the International Energy Agency, a year after the Iranian revolution.

Investment flows from pension and hedge funds into commodities including oil have boomed, as has speculative trading.

At the same time, a global credit crunch has brought some other markets, such as the U.S. asset-backed commercial paper market, to a virtual standstill.

Some of that money has found its way into energy and commodities, analysts say.

[yesplease]

$this->bbcode_second_pass_quote('cube', 'T')here's a theory floating around that oil must go down because we're in a recession. I guess it's time to makes some "revisions" to that theory.

[mos6507]

$this->bbcode_second_pass_quote('yesplease', '')$this->bbcode_second_pass_quote('cube', 'T')here's a theory floating around that oil must go down because we're in a recession. I guess it's time to makes some "revisions" to that theory.

[yesplease]

Ed Zachary! So isn't saying there's no demanding destruction, which would only extend to the country in the midst of said recession, when we won't know we're in a recession until at least a few months after the fact, be a bit presumptive?

Of course, who am I to make commentary on demand. Like those over at TOD have speculated, instead of continuing to slow like it has, it'll probably take off at an extra 3-5% per year while available supply clearly declines YOY. Yeah, that must be it...

[lowem]

$this->bbcode_second_pass_quote('Graeme', 'A')djusted for inflation, oil is only just below the $101.70 peak hit in April 1980, according to the International Energy Agency, a year after the Iranian revolution.

[manu]

Wait till it hits 160. Of course by then the Fed will have printed another trillion $, so ajusted for inflation it will still be just under the price in 1980. Ha ha ha ha ha. By the way, the Prez says, life has never been better, the war is won, this is just a bump in the road, Monsanto is a good company that cares about people, this is for the good of the people, you will like your room in the prison camp, we need to nuke some place.

[emersonbiggins]

'Interesting' article, Graeme. Judging from the line "dip below $50 at the beginning of 2007," J6P could very well assume there is a $50 speculation "surcharge" on a barrel of oil the way that article was worded.

[jdmartin]

$this->bbcode_second_pass_quote('emersonbiggins', '')$this->bbcode_second_pass_quote('What2DO', 'I')f oil prices were adjusted to inflation what should a barrel of oil be going for ?

[KevO]

but it's bloody close..

$this->bbcode_second_pass_quote('', 'T')he price of oil has hit a record high for the second day running, touching $102.08 a barrel for US sweet crude.

However, the figure is still surpassed in inflation-adjusted terms by the peak of $102.53 reached in 1980, the International Energy Agency says.

"[Opec] appears reluctant to heed requests from Western leaders to add more barrels to the market in order to soften prices," said Robert Laughlin at MF Global.

[emersonbiggins]

$101.70, per Yahoo UK, February 20.

$this->bbcode_second_pass_quote('', 'U').S. crude ended up 74 cents at $100.74 barrel, the top settlement on record, after hitting an all-time high of $101.32 a barrel earlier in the day. The gains sent crude near the all-time inflation adjusted high of $101.70 hit in April 1980, a year after the Iranian revolution, according to the International Energy Agency.

[highlander]

One of the great things about inflation is we will never catch the 1980 high, at least according to published reports.
Look back at the previous peaks, the reports are the same, only the numbers have changed.