New post on: Solar Feeds
At 72 dollars a barrel oil today sits at a dramatic, 50% lower level than last year’s high of 147. However, 147 dollar oil is not a price that either you or I ever experienced. It was a brief moment in time over several trading days, and then it was gone. The relevant price of oil in 2008 was of course the average for the whole year: 99 dollars. Sorry, if you thought you were living in a world of 150 dollar oil last year. You weren’t.
What’s astonishing therefore is that with national unemployment just below 10% and surely to go higher, oil this Summer has only been 25-35% lower than last year’s average. Oil at 65-75 is bad enough with 10% unemployment. When you consider the broader measure of unemployment however, now above 16%, oil prices in this range are a shocker.
