07 April 2020

Inflation Adjusted Oil Prices Over The Last 70 Years

Through April 6, 2020 with a price of $26.08 from here.

The current decline in oil prices proximately flows from a production surge by Saudi Arabia and Russia who are in a price war with each other, exacerbated by slack demand due to the global economic impact of COVID-19 not unlike the demand reduction drive plummet in oil prices as a result of the Financial Crisis. At the low of about $20 per barrel, oil prices reached low levels not seen since the late 1990s, almost a quarter of a century ago.

No comments: