Oil hits $100 / barrel for the first time
We've been expecting this for a while, but now it's finally happened. Happy new year, everybody: oil costs a hundred dollars a barrel!
Oil prices have quadrupled since 2003, for multiple reasons. At its simplest, though, it's Day One in Economics 101: there's less of a supply (that's what non-renewable resource means) and there's more of a demand (especially due to nascent industrialization in China and India). Everybody wants more of what there is less & less of -- so we pay more for it.
Coverage: New York Times, Fox News, CNN, & Washington Post.
Oil prices have quadrupled since 2003, for multiple reasons. At its simplest, though, it's Day One in Economics 101: there's less of a supply (that's what non-renewable resource means) and there's more of a demand (especially due to nascent industrialization in China and India). Everybody wants more of what there is less & less of -- so we pay more for it.
Coverage: New York Times, Fox News, CNN, & Washington Post.
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