Oil Price Evolution

Below is the plot depicting the oil price evolution over the last 57 years.  I definitely recall the days of >$100/barrel prices. This was the time when books like this were published that predicted the $200 oil price and the oncoming economic collapse.

What I cannot remember is the time when prices were below $3/barrel of oil, which was before 1973.  I believe that the high oil prices are still to come, but the cheap ones are gone forever.   The real future question for us is what are we going to do without oil?

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