Comment 60395

By A Smith (anonymous) | Posted February 28, 2011 at 14:41:02

From 1946-1971, the U.S was on the gold standard and oil prices stayed between $18-$24 U.S./barrel, after adjusting for inflation. Look at what happened after Nixon left the gold standard in 1971...

Curiously enough, that's when the price of oil took off, climbing 400% (inflation adjusted) in less than 10 years (

Back to the gold chart, notice that between 1981-2004, gold prices stayed relatively flat. During that same period of time, oil remained flat as well, around $30/ barrel.

Here is the price of other items in U.S dollars, notice the jump after 2004...

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