Is Oil "Cheap"?

One year ago today, I wrote Is Oil "Cheap"? Some people were arguing oil was "cheap" with Brent futures at $46 per barrel. I pointed out that oil prices had still increased more than other key items since 1990 and 2000. Below is an update to that table I posted comparing the change in headline CPI, Brent oil prices, Food, and Case-Shiller house prices since 1990 and 2000. Things have changed now with Brent futures under $32 per barrel. CPI is up 87% since 1990, but Brent is only up 51%. Since 2000, CPI is up 41% and Brent is up 25%. Change Since 1990 2000 CPI 87% 41% Brent Oil 51% 25% Food......(read more)

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