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Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis.The world price of oil had peaked in 1980 at over US$35 per barrel (equivalent to $129 per barrel in 2023 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($75 to $28 in 2023 dollars).
In 2008, oil prices rose briefly, to as high as $145 per barrel, [25] and U.S. gasoline prices jumped from $1.37 to $2.37 per gallon in 2005, [26] causing a search for alternate sources, and by 2012, less than half the US oil consumption was imported. However, as of January 2015, the price of oil has decreased to around $50 per barrel. [27]
Oil swung from gains to losses on Friday as traders weighed the prospects of retaliatory US tariffs with supply implications from stricter US policy against Iran. Oil gained as much as 1% on ...
The decision by Phillips 66 this week to shutter its refinery in Wilmington next year will wipe out more than 8% of the state's crude oil processing capacity.
Discovered in 1911, and having a cumulative oil production of close to 1.5 billion barrels (240,000 dam 3) and a cumulative barrel of oil equivalent (which includes natural gas and condensate) production of 2.2 billion BOE at the end of 2023, it is the fifth-largest oil field in California, and the seventh-most productive field in the United ...
The plan marks a continuation of the governor's campaign to blame the oil industry for high gas prices in California and another attempt by Newsom to jam legislation through the state Capitol.
American oil production surged in the early 1920s, particularly in north Texas and the Los Angeles Basin in California, driving down both imports and the price of oil. [27] A barrel of oil in the Midcontinent region lost almost two-thirds of its value, falling from US$3.50 at the start of 1921, to US$1.25 at year-end. [ 28 ]