Petrol Prices

The last time WTI oil exceeded $130/bbl, like it almost does now, was between 5/21/08 when it rose to $131.58/bbl and 7/21/08 when it fell to $131.43, peaking on 7/14/08 at $145.16/bbl. That resulted in gasoline peaking at $4.11/gallon on 7/8/08, equivalent to $5.30/gallon, or $170/bbl today after inflation. That said, the current energy pinch, if prolonged, will meaningfully hurt growth and should cause governments to temporarily rethink energy policies.