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June 18 at 2:53 pm
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Robert Konigsberg, Tom Stocky, Ray Grieselhuber and 18 other people liked this
my history's a bit off, why the spike in the 1800's? - Rahul Das
@Rahul: lack of competition until the formation and early domination of Standard Oil from 1860 to the beginning of the 20th century explains the early volatility; eventually competitors moved in and equilibrium was established in the market until OPEC came in during the 1970s and removed the 'free' from the 'free market.' - grant