$147 in July 2008 had the purchasing power of ~$218 today [1].
Source for a consensus from oil? The crack spread shows refiners pricing in higher prices [1].
If the domestic refiners and producers can’t agree, why is the homogenous opinion of the banks a conspiracy?
US is insulated from practical supply concerns but we’re gonna be paying the price.
Long-term measurements of value are kind of weird, as your unit of measurement can gain and lose value relative to the units other people are using.
> Long-term measurements of value are kind of weird
They are worthless. Best case, you’re asking a traveler problem. Does an American tourist rejecting a local Thai delicacy render it worthless? Of course not. They’re different purchasers. Similarly, trying to compare pricing preferences across centuries is borderline voodoo—you’re doing spherical-cow math.
At the current geopolitical trajectory, I also doubt $147 is anywhere near the limit of where oil is going.
It strikes me as sensible. DRAM being cheaper over decades doesn’t negate the impact of recent price hikes.
Inflation is a bitch. It’s also been the ruin of republics since at least the Romans, possibly sooner.