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Politics : Rat's Nest - Chronicles of Collapse -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (7017)	2/4/2008 4:36:26 PM
From: Wharf Rat	Read Replies (1) \| Respond to of 24235

TOD comment, with the correct math at the bottom... This is at the top of the current ASPO Monthly Newsletter I got this morning: "Rising oil prices passed $100 a barrel early in the New Year, attracting much media comment. There is of course nothing particularly magic about this round number, but the move into three digits did highlight the rising trend. Another way of looking at it is to compare salaries in oil terms. Someone earning say $20,000 a year in 1970, when oil was trading at $3.18 a barrel, could have bought 63,000 barrels. Today, he would have to be earning $6,300,000 to acquire the same amount. This sounds like inflation." Mmmm... $20,000/$3.18 = 6,289 barrels