Monday, March 5, 2012

Big bad oil industry

Two charts for your perusal, I will write something later. All data from EIA.

The first chart show the price of oil from 1986 to 2012, and the price of gasoline in New York and Los Angeles tracking the oil price quite well.  Layered on top are the two major wars we are involved in over there in the Middle East and the "great recession," that the government tells us has already ended.

The second chart shows the price of gasoline as a fraction of the price of crude oil and the trend - as you can see gasoline is actually getting cheaper compared to crude.

Here is the world oil production, and OPEC production, from 2001 on.  As you can see by 2005 OPEC and world production each increased by about 10% over the 2001 levels.

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