Taken from the BBC.
Apologies for preaching to the choir, but oil is no different from any other commodity. The less there is, and the harder it is to get, the more expensive it becomes.
Oil is running out. Fact.
Oil is mostly found in areas of geopolitical conflict. Fact.
The above graph is not adjusted for inflation. The one below is.
I'm not for one second saying oil is not getting more expensive (and please bare in mind the prices shown are for crude, not the fuel we actually buy at the pumps which is far dearer and subject to myriad other market forces). What I am saying is that the current price of oil is merely part of a far, far bigger picture. In real terms, all the above data shows is that the price of oil is similar to what it was the last time Iraq was at war.
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