In an article about strange happenings in Alaska, the NYT notes the sharp fluctuations in oil prices over the last year, after telling readers: "for years, the price of oil has been relatively stable." That sure has not been the case in the lower 48. Oil prices fell to under $15 a barrel back in 1998. They then hovered in the low-mid twenties range at the start of the decade before nearly doubling to more than $40 a barrel following the Iraq War. Prices then continued to rise to $70 a barrel by 2007 before going into the stratosphere in 2008, when they crashed along with the economy. If there is any stability in this picture, it is hard to find.
The American Prospect is nonprofit, reader-funded journalism—and we need your help.
Our reporters dig deep, hold power to account, and explain how policy shapes people’s lives. If you value independent journalism that goes beyond the headlines, now’s the time to support it.
Here’s how you can help: • Donate to power fearless reporting
• Subscribe to get our print magazine 6x/year.
