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By A Smith (anonymous) | Posted March 01, 2011 at 00:10:13 in reply to Comment 60430
Jason Allen >> The price of oil has nothing to do with monetary supply, but rather...wait for it...oil supply.
Here is a chart that prices oil in grams of gold...
http://pricedingold.com/crude-oil/
In 1950, it took 2 grams of gold to purchase 1 barrel of oil. As of February 8, 2011, it took two grams of gold to buy 1 barrel of oil.
What does this tell us? It tells us that the increase in the nominal price of oil is entirely the result of too many U.S. dollars being produced.
>> There simply isn't enough cheap/easy to refine oil left to satisfy world demand at a price that will enable the economy to grow in an unfettered way.
According to the EIA...
http://www.eia.doe.gov/aer/txt/ptb1105.html
world oil production remained flat from 1979-1996. In that period of time, oil prices, as measured in gold fell from approximately 2.5 grams per barrel to 1.5 grams per barrel.
Also, in that same period of time, production worker's hourly wages, as priced in grams of gold went from 0.50 an hour to 1.00 an hour.
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