> Average prices of WTI rose roughly 52-fold between 1970 and 2014, in current dollars
Surely that can't be right? Wouldn't that mean that 2014 price = 1970 * 2^(52) ?
Surely that can't be right? Wouldn't that mean that 2014 price = 1970 * 2^(52) ?
Even though one might think it's 2^x (fold something in half twice and it's 4 times as thick, three times and it's 8, etc.) it's actually a rather archaic usage for multiplying.
But when I look it up, it says -fold is equivalent to just a multiple.
Inflation adjusted today's prices are not that bad in comparison.