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One Year Ago: Oil Prices Peaked at $145 per Barrel

Posted on July 03, 2009

Click on graph for larger image in new window.These are spot prices for Cushing WTI from the EIA (source).It is fun to look back ... I started speculating in March '08 about a sharp decline in oil prices in the 2nd half of 2008. And I posted many times in the late spring about demand destruction (like fewer U.S miles driven), Asian countries reducing gasoline subsidies, China stock piling oil for the Olympics, etc.But this story was probably the key clue that oil prices were peaking (from June 28, 2008). From the NY Times: Cruise Night, Without the Car For car-loving American teenagers, this ...

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