posted on Aug, 1 2007 @ 01:28 PM
In 1956, Phillip Cagan "Monetary Dynamics of Hyperinflation", defined hyperinflation as a monthly inflation rate of at least 50% (prices doubling
every 51 days).
MAY 23, 2007
A series of factors, including tensions in Iran and oil-rich Nigeria, pushed prices to a nine-month high above $70 earlier this month
AUGUST 1, 2007
Oil prices have climbed to a record high of $78.71 a barrel amid worries about whether oil supplies can meet global demand.
Correct me if I am wrong, but thats 12.4% rise in oil price in the past 67 days (aka prices DOUBLE +/- EVERY YEAR). Quite a two month trend.
Especially following this trend since 99:
which indicates a baseline doubling every 4.2 years
the 02 to present trendline here:
indicates doubling every 4 years, the 2004 to present trendline on the same chart indicates doubling every 2.7 years.
So... if the following trend is maintained:
1999 to present; the crude oil market will double every 4.2 years
2002 to present; the crude oil market will double every 4 years
2004 to present; the crude oil market will double every 2.7 years
67 days ago to present; the crude oil market double yearly
as this chart shows we are on a spike mirroring 1980:
May 6 price of oil is 61.5; today it is 78; that's 26% in 2.8 months; double in 9 months
And we all know price at the barrel is supposed to reflect price at the pump...
So what is up with this???
The barrels are near hyper inflating... and the american public gets 15% off?
"refineries have been boosting production"
Goldman Sachs [has] predicted that crude oil prices have entered a "super spike" phase that could lift them above $100 per barrel.