The real (inflation adjusted) price of crude oil
A)more than doubled between 1978 and 1981
B)was lower in 1998 than in 1980
C)was higher in 2008 than in 1980
D)increased more than fourfold between 1998 and 2008
E)all of the above

Question

Quizplus · Accepted Answer

A) The real price of crude oil increased from $55.29 per barrel in 1978 to $130.91 per barrel in 1981 (in 2019 dollars), which is more than a doubling of the price. 
B) The real price of crude oil was $46.33 per barrel in 1998 and $77.71 per barrel in 1980 (in 2019 dollars), which means the price was lower in 1998 than in 1980. 
C) The real price of crude oil increased from $77.71 per barrel in 1980 to $142.10 per barrel in 2008 (in 2019 dollars), which means the price was higher in 2008 than in 1980. 
D) The real price of crude oil increased from $46.33 per barrel in 1998 to $142.10 per barrel in 2008 (in 2019 dollars), which means the price increased more than fourfold. Therefore, all of the above choices are correct.

The Real (Inflation Adjusted) Price of Crude Oil