Posted by Jack on April 6, 2007, 2:58 am
You only have to look back to 1978 to see the oil prices going from $0 down
to $2 due to a drop in demand.
Posted by Jack on April 6, 2007, 3:04 am
Pardon my error. The crude oil price drop I was remembering occurred from
$4 a barrel in '82 to $2 a barrel in '86. Amazing what a little
conservation can do.
Posted by Michael Pardee on April 7, 2007, 3:47 am
That was the recovery from a double price spike: the Arab oil embargo and
middle east wars. The graph on http://www.wtrg.com/prices.htm shows it
pretty well. Looking at the graph on
http://www.eia.doe.gov/emeu/international/contents.html we see petroleum
production use was up slightly in that period. Petroleum use dropped in the
early '80s, when prices were highest. Makes sense that way.
Petroleum hasn't been free market since the foundation of OPEC.
Mike (forgot to smile and nod)
Posted by email@example.com on April 7, 2007, 5:42 pm
onhttp://www.eia.doe.gov/emeu/international/contents.htmlwe see petroleum
If we all drove Prius's we wouldn't be crushed to death by SUV's...
Posted by Michael Pardee on April 7, 2007, 9:29 pm
If we all drove SUVs we wouldn't be crushed to death by Prius cars - that's
logic for you! ;-) All vehicles are dangerous if misdirected.