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Thursday
Apr242008

Ya gotta believe!

Thanks to Harry for sending me his 1984 paper, On the inevitable return of higher oil prices, in response to my post on CAFE standards. In that post I presented a graph based on the same data set as this one, but without the trend line:

Because I was talking about the post-1974 period, I had not noticed that the graph shows a persistent and substantial price decline from about $2.80 per gallon in 1919 to about $1.70 in 2007, based on the trend line.  After 88 years of steady real-world price decline, my faith in the theory might begin to weaken.  Hang in there, Harry. 

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