In June of 2008 oil topped out at 147.11 and it fell from there. A year later I was meeting with the chief economist from BP and he boldly proclaimed that the 147.11 is a high that will never be repeated. I stopped and asked him to clarify his definition of "never" and he said "never" was forever. I still have a hard time swallowing that. In a century we should get to just twice that by currency devaluation and inflation.
Oil might have been at a price peak, but gas at the time of the election win November, was about $1.89 gallon.
