Yearly Oil Adjusted for M3

Yearly Oil Adjusted for M3

This chart is no longer updated.

M3 is a broad money supply figure that was published by the Federal Reserve until 2006. All money supply figures are controversial because people do not all agree on what should be included. Nevertheless, this chart is a look at the price of oil adjusted for the amount of money available, as measured by M3. It is calculated by multiplying each oil data point by most current M3 figure and dividing by the M3 figure at the time of the data point. Hence, the nominal and adjusted values for oil are equal in the current year.

Although M3 is no longer published, the past data points and definitions are available on the website for the Federal Reserve Bank of St. Louis, as is yearly data for oil.

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