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Oil Price History and Analysis A discussion of crude oil prices, the relationship between prices and rig count and the outlook for the future of the petroleum industry.
Introduction
Crude oil prices behave much as any other commodity with wide price swings in times of shortage or oversupply. The crude oil price cycle may extend over several years responding to changes in demand as well as OPEC and non-OPEC supply.
The U.S. petroleum industry's price has been heavily regulated through production or price controls throughout much of the twentieth century. In the post World War II era U.S. oil prices at the wellhead averaged $24.20 per barrel adjusted for inflation to 2006 dollars. In the absence of price controls the U.S. price would have tracked the world price averaging $26.16. Over the same post war period the median for the domestic and the adjusted world price of crude oil was $18.53 in 2006 prices. That means that only fifty percent of the time from 1947 to 2006 have oil prices exceeded $18.53 per barrel. (See note in box on right.)
Until the March 28, 2000 adoption of the $22-$28 price band for the OPEC basket of crude, oil prices only exceeded $24.00 per barrel in response to war or conflict in the Middle East. With limited spare production capacity OPEC abandoned its price band in 2005 and was powerless to stem a surge in oil prices which was reminiscent of the late 1970s.
Sunday, April 13, 2008
Sunday, February 10, 2008
If you believe you, a friend or family member suffer from prescription drug addiction, learn the signs of drug addiction and get help!
Do you know someone who is addicted to prescription drugs? It may be family member, a co-worker or a friend. Perhaps that person is YOU! In many cases, people don't know they have crossed the line from taking a prescription drug to abusing a prescription drug. Usually, this oversight is because the drug is considered 'legal' and was prescribed by a doctor.
In fact, many of the people treated in rehabilitation centers today are treated for addiction to prescription drugs. Addiction to prescription drugs is as prevalent, if not more so, than addiction to illegal drugs and alcohol.
If you or your friend or family member have begun to use the drug more often and in greater doses than what is prescribed by the doctor, if you find yourself running out of the prescription before your pharmacist will refill it, if you have gone to more than one doctor to duplicate your prescription so you don't have to explain your usage, if you are getting your prescription drugs from someone other than a doctor - you probably should seek help!
Addiction to any substance is characterized by continued use of a substance in spite of the threat or existence of physical, psychological, personal or social harm or damage.
When your drug addiction becomes psychological and physical, your brain responds to the chemical you introduce and you feel high or rejuvenated, or perhaps you feel calmer or the drug helps you sleep. Your senses may be distorted and your balance and speech may become impaired.
