It is silly to make long-term comparsions of oil prices without adjusting for the inflation in the intervening years. When a NYT article tells us that oil prices in the 80s had settled at around $18 a barrel in the mid-eighties, it would be worth telling readers that this translates into about $32 a barrel in today's dollars. With prices now hovering in the range of $55 a barrel, they are still considerably higher than they were were in the 80s, but we are talking about a real increase on the order of 70 percent, not a tripling.
Unlike many news organizations, the Prospect has remained staunchly committed to keeping our journalism free and accessible to all. We believe that independent journalism is crucial for a functioning democracy—but quality reporting comes at a cost. From Trump’s threat to the free press to Musk’s influence on our democracy, there is too much at stake in 2025 to stop now.
We’re behind on our goal to raise $75,000 to continue delivering the hard-hitting investigative journalism you’ve come to expect from us. Your support helps us maintain our independence and dig deeper into the stories that matter most.
We need you to make a year-end contribution today. Any amount helps secure our future and ensure we can continue holding power to account.
