Oil plunges again
Derek Shevkenek - May 06, 2020
How does today's price compare with the past?
On Jan. 29, 2016 (Click here) I'd provided some ultra-long term historic context to the price of oil. In light of what's happened recently, I thought I'd revisit that.
Below is an inflation adjusted chart of WTI (West Texas Intermediate) oil price, courtesy of macrotrends:
The apples-to-apples price of oil today is at a level last visited in the late 1990's, early 1970's and late 1940's.
And while alternate sources of energy have slowly entered the mix, oil remains the top source of world energy consumption. Followed by coal, then natural gas. (ourworldindata.org)
Using history as a guide, how long do you think it will stay at these levels?