Data Manipulation 101: Matt Yglesias Edition

I agree with Matt Yglesias about 60% of the time, which, for me, is pretty high. But Matt, like so many liberals, is particularly hot on the issue of global warming, which is one place where we part company. In a recent post, “Natural Resource Scarcity Is a Real Thing,” Matt posts the following graph to prove that “peak oil” will stay peak indefinitely. (If you actually want to read the graph, you’ll have to click on it. I apologize for my massive technological incompetence.)

So the price of oil is slightly under $100 a barrel, compared to $20 a barrel in the good old days. Definitely high. But look at the old “peak oil” back in the 70s and 80s. It’s hardly a blip. Could it be that Matt didn’t bother to adjust for inflation? Yes, that’s exactly what happened, as you’ll see from this graph that I got here (adjusted price shown in red):

Certainly, prices are higher now than before, but notice that for a couple of years in the early 80s prices were higher than they are now, in inflation-adjusted dollars. I don’t expect prices to fall to the levels of the late 90s, but I also don’t expect a guy like Matt Yglesias, who would never let the Republicans get away with this one, to try to pull it himself.

PS It’s interesting to compare the second chart with the economic growth patterns of the U.S. and other nations, as well as election returns. Do oil prices control our lives?