Iranian President Mahmoud Ahmadinejad was reported as having said that the price of oil, at US$115 a barrel, is too low and that, as a strategic commodity, it should find its real price, presumably at a higher level. When adjusted for inflation and the depreciated US dollar, he added, the price of oil is currently less than it was in 1980.
This is not true. By my calculations, the price of oil at US$100 a barrel today would roughly correspond to that in 1980, in terms of purchasing power.
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