At the beginning of 2007, the price of a barrel of oil was $61, which makes the annual jump almost 58 percent. As the AP so gently reminds us, "Oil's rally is entering its seventh year, more than quadrupling its market value of below $20 at the start of 2002." The average price for 2007 is going to be about $72.30, a nine percent jump from 2006 and way higher than analysts' predictions of a $63.23 average. For 2008, a "consensus forecast" sees an average of $77.62 a barrel next year. Wonder how right/wrong that'll look in 12 months.
Oh, and Happy New Year!