$140/brl and $180 inflation adjusted.
https://www.macrotrends.net/1369/crude-oil-price-history-chart
With a nice self correcting dip, crazy that it spiked like that for 6 months.
It was a shit time for many reasons. It's hard to believe that it was only 7 years after 9/11, when oil was below $20/brl and that was before the fracking boom.
I mean think about how much energy is used in a war, the fuel needed for logistics, for vehicles, supply chains, that's before even thinking about the cost in human lives and medical costs that entails. How do you pay for that besides taxing energy?
Notice that since we went to the petrodollar, they've tried to manipulate the price of oil but the dips average out the peaks to an overall stable average. That is because you cannot manipulate energy since it is a finite resource, that requires real human effort to produce. Energy cannot be created or destroyed unlike fiat currency.
(post is archived)