We've had an oil shock and there is a lot of talk about the natural, or equilibrium, or long-term, price of oil.
For these to make sense, one needs a numerère and the USD does not seem right (because of inflation among other things). What is the right numerère … a kind of CPI adjusted global GDP ?
Does it make sense to talk about the long-term (or equilibrium) price of oil ?
byu/CSMasterClass inAskEconomics
Posted by CSMasterClass