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Here's an interesting chart that shows the price of oil for its entire commercial history.
http://bioage.typepad.com/.shared/image.html?/photos/uncategorized/bp_oil_price_chart.jpg

It's got a "bathtub" shape that reflects the initial lack of extraction technology, then a long period of gradually declining price (in constant dollars), and then a sharp increase that starts in about 1970. Even ignoring the wild price swings in the 1970s caused by OPEC price manipulation, it looks pretty clear that by then the costs were starting to increase.

by asdf on Tue Jun 21st, 2005 at 10:07:29 AM EST
Nice graph.

Really, I'm clueless with this stuff, so a nice little basic graph like that is where it's at :)

by Meandering Fox on Tue Jun 21st, 2005 at 12:05:50 PM EST
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