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Post by redwolf on Mar 4, 2008 7:48:22 GMT -6
Oil Tops Inflation-Adjusted Record Set in 1980By JAD MOUAWAD Capping a relentless rise in recent years, oil prices hit a record high during the day on Monday, then pulled back to close below the record.
The day’s highest trading price, $103.95 a barrel on the New York Mercantile Exchange, broke the record set in April 1980 during the second oil shock. That price, $39.50 a barrel, equals $103.76 today, when adjusted for inflation.www.nytimes.com/2008/03/04/business/worldbusiness/04oil.html?th&emc=th
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Post by graybeard on Mar 4, 2008 11:23:25 GMT -6
And the high price of oil is a major source of inflation...
GB
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