Historic Average Price of Oil is $30/Barrel – Who Knew?

Here’s a bombshell: Did you know that throughout its existence as an energy source that oil has sold at an average of $30 per barrel, adjusted for inflation? There have been a few periods of price spikes, but overall, on average, oil has always sold for around $30/barrel. No, we didn’t know that either. But that’s the assertion of Michael Lynch, president of Strategic Energy & Economic Research Inc. He’s been an economist/researcher in the oil industry for nearly 40 years, so he should know. We often highlight articles by Lynch in our daily “best of the rest” listing of stories you may be interested in reading. Our favorite Pittsburgh Post-Gazette reporter, Anya Litvak, recently spoke to Lynch. Here’s a portion of that enlightening interview…

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