Gasoline prices are NOT high. Diesel is much higher largely due to idiotic efforts to make diesel fuel super clean with things like DEF, catalytic converters that diesel will destroy and turbos that wreck engines. But historically oil prices are NOT high when adjusted for inflation.<\/p>\n
It is no surprise with geopolitical tension festering since the early 1960s when the Arabs and Persians realized they were being screwed. Khadafi laid a pistol on the table and slid a contract towards Armand Hammer and told him to sign it or else. It was in Arabic. He signed knowing not to sign meant thrown out of the country and perhaps shot. Until then the oil company cartel led by Esso (Exxon), Amoco, and BP held the line of prices they paid. Once Hammer (Occidental) broke then all the OPEC countries suddenly were handed the whip hand.<\/p>\n
And even so, remember in 2008 oil prices hit more than $100\/bbl. Inflation adjusted $100 bbl. today would be $180 a barrel and WTI is now $101. We are a long way below the 2008 inflation adjusted price. We are more comparable to the price of oil in 1981 when Reagan came to power and Sen. Ted Kennedy was howling about oil going to $200 a barrel. It never has gotten close in those nigh 50 years.<\/p>\n
Add to that the gas mileage of a 1972 auto was about 15 mpg if you bought an economy car. Today many SUVs and cars get double that mileage. Even pickups often get 20 mpg with more horsepower than any 1970s pickup could get. Oil is still cheap on a historical basis.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gasoline prices are NOT high. Diesel is much higher largely due to idiotic efforts to make diesel fuel super clean with things like DEF, catalytic converters that diesel will destroy and turbos that wreck engines. But historically oil prices are NOT high when adjusted for inflation. It is no surprise with geopolitical tension festering since the early 1960s\u2026 Read More »<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2484","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.roxnoil.com\/wpadmin\/index.php\/wp-json\/wp\/v2\/posts\/2484","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roxnoil.com\/wpadmin\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roxnoil.com\/wpadmin\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roxnoil.com\/wpadmin\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roxnoil.com\/wpadmin\/index.php\/wp-json\/wp\/v2\/comments?post=2484"}],"version-history":[{"count":1,"href":"https:\/\/www.roxnoil.com\/wpadmin\/index.php\/wp-json\/wp\/v2\/posts\/2484\/revisions"}],"predecessor-version":[{"id":2485,"href":"https:\/\/www.roxnoil.com\/wpadmin\/index.php\/wp-json\/wp\/v2\/posts\/2484\/revisions\/2485"}],"wp:attachment":[{"href":"https:\/\/www.roxnoil.com\/wpadmin\/index.php\/wp-json\/wp\/v2\/media?parent=2484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roxnoil.com\/wpadmin\/index.php\/wp-json\/wp\/v2\/categories?post=2484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roxnoil.com\/wpadmin\/index.php\/wp-json\/wp\/v2\/tags?post=2484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}