Gas Just Hit $8 a Gallon in This Major US City(www.slashgear.com)

2 pointsby stopbulying3 hours ago1 comment

stopbulying3 hours ago
Iraq was 1% of global oil production prior to Bush-Cheney Iraq War II.
Why did global oil prices change so much post 2003?
2000s energy crisis / disaster https://en.wikipedia.org/wiki/2000s_energy_crisis
> End of the crisis:
> By the beginning of September 2008, prices had fallen to $110. OPEC [...]
World oil market chronology from 2003 https://en.wikipedia.org/wiki/World_oil_market_chronology_fr...
> From the mid-1980s to September 2003: under $25/barrel.
```
  1998: $10
  2004: $40-$60. A series of events led the price to
  2005: $60
  2006: $75
  2007: $60-$99
  2008: $141.75
```
14x higher price in 10 years
How did costs change over that time given efficiency growth year over year
Renewables are more lucrative with higher gas prices.
High gas prices typically lead to consumer price inflation and then prices never go back down.
- stopbulying3 hours ago
  And also back then we had Enron speculating on electricity while there were rolling blackouts even for hospitals in CA.
  Tapes reveal Enron's secret role in California's power blackouts https://www.theguardian.com/business/2005/feb/05/enron.usnew...
  > the energy corporation Enron shut down at least one power plant on false pretences, deliberately aggravating California's crippling 2001 blackouts with the aim of raising prices.
  Rolling blackout : USA : CA 2000-2001 https://en.wikipedia.org/wiki/Rolling_blackout
  Enron scandal: 2001 https://en.wikipedia.org/wiki/Enron_scandal