The price of oil continues to set records - it’s now reached nearly $126 US Dollars. While some of that can be attributed to the Pacific Peso-ization of the greenback, by most measures the oil price has reached a record. Against the Euro, it’s still a record. Inflation-adjusted, it’s still a record.

But there’s still one measure by which the oil price isn’t a record - against the purchasing power of the average Western consumer, apparently. According to today’s Fin, it would have to reach somewhere around $135 per barrel to match the peak price of oil by that measure. But it seems like there’s every possibility it might continue to go up in the short term. Indeed, some guy from Goldman Sachs is predicting that oil will reach $200 per barrel in a few months’ time. (more…)