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In 1998, oil was 11 dollars a barrel

Discussion in 'The Okie Corral' started by mr00jimbo, Mar 7, 2012.

  1. mr00jimbo

    mr00jimbo

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    2008, it was like 145.
    Now it's still over 100.

    What the hell happened in those 10 years that things got so bad? :crying:
     
  2. Detectorist

    Detectorist

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    Developing countries joined the fray to bid up the price. Much more demand than before. India and China mostly.
     

  3. 427

    427

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    The dollar was strong then. Now, not so much.
     
  4. jbutenhoff

    jbutenhoff

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    Also the average barrel is traded up to 23 times between the well and refinery. Each point adds a bit of markup.

    End the speculators end the high prices.
     
  5. kiole

    kiole

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    The world has changed in the last 14 years significantly
     
  6. BK63

    BK63

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    I found an old heating oil bill when I was cleaning out some stuff from 1987. When I had my heating oil tank filled it was 77 cents a gallon. Last week they charged me almost 4 bucks a gallon. Ouch!
     
  7. Dennis in MA

    Dennis in MA Get off my lawn

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    We got rid of Clinton. :rofl:
     
  8. devildog2067

    devildog2067

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    Yes, how dare those folks buy a product with their own money and then sell it!
     
  9. G36's Rule

    G36's Rule Senior Member

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    Using two extremes will cause you to come to the wrong conclusions.

    Six months after the high in '08 crude was selling at $32/bbl. 1998 was a horrible year in the oil industry with many layoffs.