Posted by dhermesc on January 11, 2008 at 06:27:46 from (24.248.193.103):
In Reply to: Re: Future price of fuel posted by Tradititonal Farmer on January 11, 2008 at 05:36:27:
"By 1980 the price on both had collasped."
Grain prices collapsed because some moron enacted a grain embargo followed immediately by economic policy (high interest rates) that pushed the international value of the US dollar through the roof. This made our grain more expensive at $2.00 a bushel in 1981 then it was in 1978 at $4.00 a bushel on the international markets.
28 years later it appears that the US has finally abandoned the strong dollar policy that has given imports a price advantage in US markets.
Oil prices didn't start their slide until 1986. They didn't officially "collapse" until 1997. In the late 1990s the low prices destroyed the small well producers in the US and wiped out the domestic market except for the big players. In 2000 the big boys (at home and abroad) decided they could raise pricing without fear of competition.
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