$29
oil hit $29/barrel. which is news. which is weird. this is the historical inflation adjusted price of oil. it's almost as if energy is the fundamental unit of currency. and all other currencies adjust to it. gee there's a thought. anywho. there are a couple of exceptions that are interesting. first there's the opec induced oil shock of 1974. high prices lasted for 12 years. in more recent history we've got the middle east war of 2004. high prices seem to have come to an end after 12 years. which is a rather amazing coincidence. or maybe not. we'll know if there's some major event in 2034 that spikes oil prices for 12 years.