A brave new oily world

Consider this point from Mr. Terranova as well. He says that last week the spot month oil contract rose by $2.29, while the further out months, for example, December of 2008, climbed from $46.22 last week to $50.76 this week — a $4.54 rally in one week, double what the spot contract did. Think about it folks. This is why when we journalists keep dutifully reminding you that in inflation-adjusted terms the price of oil was the equivalent of eighty dollars a barrel back in the early 80’s it’s in some ways a misleading comparison.

CNN