Petroleum Prices Set Records in 2011
Nice article about a trend that's getting surprisingly little press attention.
Nice article about a trend that's getting surprisingly little press attention.
crude oil and key petroleum products set annually averaged price records last year. ... These record prices for oil and its products are of more than just statistical interest; they help to explain the persistent weakness of the economy, representing an incremental drain of roughly $100 billion, compared to 2010, based on our net petroleum imports.
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After adjusting for consumer price inflation, that $3.52 mark for gasoline ties 2008's real-dollar all-time annual record, and it exceeds the average for the peak oil-crisis-year of 1981 by about 28 2011 cents.