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By adam2 (anonymous) | Posted August 06, 2008 at 14:09:09
Here is $/barrel over the past 5 years:
5 yrs ago - $25 / barrel
4 yrs ago - $40 / barrel
3 yrs ago - $60 / barrel
2 yrs ago - $75 / barrel
1 yr ago - $75 / barrel
today - $120 / barrel
As you can see, oil prices went up 500% in the past 5 years. In the past year, they went up 200%
According to this exponential growth model, we should reach $200/barrel sometime next year. I'll be conservative and set my own personal estimate in 2010.
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