Wednesday, January 2, 2008

Why is this man smiling?

Here's a hint:

Oil Hits $100 a Barrel for the First Time

Oil prices reached the symbolic level of $100 a barrel for the first time on Wednesday, a long-awaited milestone in an era of rapidly escalating energy demand.

Crude oil futures for February delivery hit $100 on the New York Mercantile Exchange shortly after noon New York time, before falling back slightly. Oil prices, which had fallen to a low of $50 a barrel at the beginning of 2007, have quadrupled since 2003.[…]

Oil is now within reach of its historic inflation-adjusted high reached in April 1980 in the aftermath of the Iranian revolution when oil prices jumped to the equivalent of $102.81 a barrel in today’s money.

"Quadrupled since 2003." Wow. Who could have seen that coming?

(Image via Dedicated Doorknob.)

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