The price of crude oil is now down to roughly its price before the pandemic.
9 thoughts on “Raw data: The price of oil”
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Cats, charts, and politics
Cats, charts, and politics
The price of crude oil is now down to roughly its price before the pandemic.
Comments are closed.
And yet, at retail, the price of gas remains what, about $0.50 per gallon higher?
Yup. And speaking of seasonal cycles, it's that time of year again when the daffodils start blooming, the robins are chirping, and California refinery managers decide when to schedule that annual "equipment accident" just in time for the summer reformulation switch that sends gasoline prices spiking 30%.
The annual Richmond breakdown, you can almost set your watch by it.
Speaking of which, the price trend would seem to indicate it is time for an analogous UAE spike. Paying off Kushner is expensive!
This is a stupid post.
You shouldn't think of the price of something in inflation adjusted terms when saying it is the same as it was at some point in the past.
What you actually said was that the price of oil INCREASED about the same rate as everything else INCREASED.
Is that what you meant to say?
If we had a lot of inflation then the price of oil is A LOT higher. If we had little inflation then the price of oil is just A LITTLE higher.
Not everything needs to be adjusted for inflation every time.
We don't define a bull market as the S&P being up 20% MORE than inflation since its previous low.
You don't talk about budget deficits in inflation adjusted terms. You can compare them to GDP. But that GDP is NOT adjusted for inflation. The rate of growth is adjusted for inflation but NOT the raw figure.
You know what your income is, so adjust to that. That would be most meaningful for most people, and adjusting to median (not average) income would be useful overall.
Then adjust for magical sky faeries and 'common sense' for equally innumerate nonsense.
This post per chance in response to the recent OPEC production cut by any chance?
Speaking of inflation adjustment, which measure? Core, which is if you will transitively affected by energy prices, or headline, which includes it directly?
In addition, from a proper economist point of view, while deflating prices can be useful, one should so as not to be intentionally or unintentionally distortive or deceptive
(1) indicate against what baseline (e.g. 1980, 1990, whatever)
(2) what deflator is used
One rather fears otherwise poor statistical practice.
Given the "trendlines" practice...
(there are quite legitimate tradeoffs and no single practice but one should make the baseline and deflating transparent on the econometric choices)