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.
If you enjoyed this article, please consider making a tax-deductible donation today. For over 30 years, The American Prospect has delivered independent reporting that exposes corporate power, investigates political corruption, and analyzes threats to our democracy. Unlike many media outlets, we’re not owned by billionaires or corporations—we’re powered by readers like you.
Today’s independent journalism faces unprecedented challenges. Your support makes our reporting possible and keeps our work free and accessible to all. Whether it’s $5 or $50, every contribution helps sustain our nonprofit newsroom.
Join our community of supporters and make a donation today to help keep independent journalism thriving.
Copyright 2025 | The American Prospect, Inc. | All Rights Reserved
