TIMELINE SHOWS HOW OIL PRICES FUELED RISE AND FLACCIDITY OF U.S.

October 26, 2007

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If you’d like to get some sense of where we are within the historical ebb and tide of empires, check out the timeline (below) from the Times UK . It documents the empire-determining fluctuation of crude oil prices from the early days of industrialization and consolidation of the nation-state to the present moment in which industrial strength and the nation-state are being radically reconfigured and redefined.

Helps make some sense of war, history and the decline of this empire. The comparison between present-day China and the present-day US is especially telling. The question is: how long will it take to figure out a way to blame immigrants for the flaccid dollar and crescendoing oil prices bringing the music of a multi-polar world symphony to the ears of Chavez, Ahmadinejad and OPEC?

We’d do well to remember the relationship between the current flood of hate in the late-great unipolar power, the US, and the weakening drip drop of oil.

So, enjoy your imperial citizenship – while it lasts.

Crude oil prices 1861 – 2006

Pennsylvania oil boom
Date Price in US$ (money of the day) US$ (2006)
1864 8.06 104.35
Russian oil exports start
Date Price in US$ (money of the day) US$ (2006)
1876 2.56 48.64
Rebuilding post World War Two
Date Price in US$ (money of the day) US$ (2006)
1948 1.99 16.74
Arab oil embargo
Date Price in US$ (money of the day) US$ (2006)
1974 11.58 47.54
Iranian revolution
Date Price in US$ (money of the day) US$ (2006)
1979 31.61 88.13
Iran-Iraq war starts
Date Price in US$ (money of the day) US$ (2006)
1980 36.83 90.46
Iraq’s invasion of Kuwait
Date Price in US$ (money of the day) US$ (2006)
1990 23.73 36.76
Asian economic crisis
Date Price in US$ (money of the day) US$ (2006)
1998 12.72 16.22
China 2nd biggest oil consumer
Date Price in US$ (money of the day) US$ (2006)
2003 38.27 40.83
Year-to-date average
Date Price in US$ (money of the day) US$ (2006)
*2007 65.57 65.57

Source: BP Statistical Review of World Energy June 2007/Reuters

One Response to “TIMELINE SHOWS HOW OIL PRICES FUELED RISE AND FLACCIDITY OF U.S.”


  1. Moves by the CFTC to try and regulate the oil trading market and prevent the kind of speculation which has seen crude oil prices rise from $30 per barrel back towards $70+ this year took an interesting twist yesterday when it was announced that the weekly COT data would now include new details on the aggregate holdings of the big Wall Street dealers, hedge funds and other financial participants. COT data is a useful market sentiment tool but as many of the market participants both hedge and speculate it has become increasingly difficult to analyse. According to the CFTC the new format will be making its debut next Friday.


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