Crude oil is selling for over $100 per barrel, but 200 years ago it was a plentiful resource

Discussion in 'Other News' started by Chinatown, May 22, 2022.

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  2. Chinatown

    Chinatown Road Train Member

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    Gasoline sold for as low as 2 cents a gallon in 1892.
     
  3. Numb

    Numb Crusty Curmudgeon

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    $1 in 1891 → 2022 | Inflation Calculator (in2013dollars.com)

    Value of $1 from 1891 to 2022

    $1 in 1891 is equivalent in purchasing power to about $31.77 today, an increase of $30.77 over 131 years. The dollar had an average inflation rate of 2.68% per year between 1891 and today, producing a cumulative price increase of 3,077.02%.

    would make it about 6$/gal today

    if we weren't shipping boat loads overseas, we'd have a lot more.
     
  4. Wasted Thyme

    Wasted Thyme Road Train Member

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    We ship it because we can't refine it.
     
  5. aussiejosh

    aussiejosh Road Train Member

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    Watched a documentary on the oil supply some years back forget the term they used however was in not in 1975 that the US finally got to the stage where it had to start importing oil to help with the ever growing increase in fuel consumption. Thought in recent years they'd once again been able to peg back the need to import oil once they started extracting oil from shale. If you think fuel is expensive in the US try buying fuel in Europe or Oceania region.
     
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  6. Siinman

    Siinman Road Train Member

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    It still is a plentiful source but we have that one guy in that big White House that does not like oil.
     
  7. Judge

    Judge Road Train Member

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    But even at $100/barrel we’re paying way more then that.
    even in tax, not just gas, diesel too.
     
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  8. DRTDEVL

    DRTDEVL Medium Load Member

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    The fuel costs the same there... its their governments that are more expensive (most of that additional cost is in exorbitant tax rates on fuel).
     
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  9. Rideandrepair

    Rideandrepair Road Train Member

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    We still export slightly more oil than we import.
     
  10. mjd4277

    mjd4277 Road Train Member

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    200 years ago there weren’t 7 BILLION people living in the planet!! Nor were there cars,trucks and airplanes which burn fossil fuels-just steamships-and for the most part those mostly used coal!
     
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