Price of Crude Oil Closes above $100/bbl First Time Ever

bartiromo.jpgWe’ll be playing the “Oil Game” in class tomorrow in PLSC250. When colleagues of mine used this teaching tool in their classes 4 or 5 years ago, the price of oil was about 1/3 of what it is today. In the clip, Brian Williams will tell you that oil reached a “record” high of $100.01 US a barrel. That’s only true if we’re talking about nominal dollars. In terms of real dollars it still has about 4 USD/bbl to go to hit the all-time high set in December 1979. Hmmm…I wonder what was happening in late 1979? Iran, Afghanistan, plus ca change…

Click here to see Maria Bartiromo report from NBC News.

“People are afraid that there is just not enough oil in the world to meet demand; demand which is coming not only from the United States but from emerging economies like China and India.”

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