Wednesday, August 04, 2010
By Eric Jackson08/04/10 - 06:00 AM EDT
If you took the average price of oil in 2010 year-to-date, it is the second-highest average on record. The only calendar year to have a higher average price was 2008. Remember those heady days?
Relative to the $150 a barrel oil price of a couple of years ago, maybe the current price - more than $80 -- seems cheap to some people. But it strikes me as crazy that the price of oil today is as high as it was back then, after a five-year run-up in price from a lot in 2002 after the last recession. Back in 2008, after hitting $80 for the first time, the price of oil pulled back a little, before starting a stunning, Mt. Everest-sized ascent to $150.Sphere: Related Content