Richard G. Anderson, Jason J. Buol
If your wallet felt a lot lighter every time you filled up your car with gasoline in 2004, it's not surprising. During the second half of 2004, the futures and spot prices of oil reached record levels in today's dollars, not adjusted for the effects of inflation. To what extent are higher prices the result of supply and demand factors? How much has speculation affected oil prices?
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Fed in Print: An index of the economic research conducted by the Fed.