Loading ...From google:
Oil Prices in the 1960s and 1970s Global oil prices in the 20th century generally ranged between $1.00 and $2.00 per barrel (/b) until 1970. That’s about $10/b to $30/b when adjusted for inflation. 2 The United States was the world’s dominant oil producer at that time, and it regulated prices.
Comment: A factor of 20 is correct so Oil is way above the curve because its used a lot more these days, and maybe inhibited production. Because of wacko green rules.
I also remember after 1970 the idiots running us started importing Oil, because our oil workers were getting $35/hr but foreigners were getting $3/hr.
Also notice how Google did not mention gold backing removed after 1970. Gold was $140 times 20 it should be $2800. Silver price? I think it was around $4.50 in 1974 times 20 should be at least $90 per ounce today