September 13, 2007
Long Term Look at Crude Oil Prices (in both USD and CNY)
Here’s a quarterly chart of the price of crude going back to 1987. Note that the $10.35 low happened in the fourth quarter of 1998.
And looking at things from a Chinese perspective, you can see that the appreciation of the yuan these last few years has moderated the increase in the cost of crude somewhat, but the long-term trend is up up up.
(It costs me 220 yuan (almost US$30) to fill the tank of our little Nissan here in Beijing — the price of 93 octane is fixed at around US$2.50 a gallon — a fortune for locals, but it apparently doesn’t stop them from driving everywhere.)
Cat: | Time: 11:22 am (utc+8)