Oil Prices After 9/11

commodity prices: then and now (http://money.cnn.com/2006/09/08/markets/markets_fiveyearslater/index.htm?postversion=2006090817) Average Price for 2001 2006

Crude Oil $23.00 $60.98

Gasoline $1.66 $3.03

Gold $271.20 $601.73

"Fluctuating prices in the oil, gas and gold markets were factors in trading in 2001, but didn't seem to drive day-to-day market action. That's certainly changed, with the price of oil, and to a lesser extent, gasoline and gold, often driving stocks on Wall Street. Why? For one thing, all three commodities have skyrocketed since 9/11, amid higher global demand for oil and gasoline, and in the case of gold as a hedge against inflation. U.S. light crude ended at about $21 a barrel in September 2001 and averaged about $23 that year, according to the government. This year, oil hit a record closing high of $77.03 a barrel on July 14 and is now at about $66 a barrel. As of the end of August, the average price this year was about $61 a barrel, according to the Department of Energy." (http://money.cnn.com/2006/09/08/markets/markets_fiveyearslater/index.htm?postversion=2006090817) (http://www.businessweek.com/bwdaily/dnflash/oct2001/nf20011030_2363.htm)