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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 $134 per barrel in 2024 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($77 to $29 in 2024 dollars).
While Harvey has had little effect on crude prices, [44] the price of gas reached $2.59 on September 2, up 17.5 cents since August 23 and 16.7% higher than 2016, [45] with more dramatic increases in states dependent on the Colonial Pipeline, which closed until inspection was complete. [46]
By December 12, both Brent and WTI reached their lowest prices since 2009; Brent dropped to $62.75 a barrel and WTI slid to $58.80 . [97] Later in the month the price of oil was down 50% since April. Economic problems in Europe and Asia, high gas mileage, a strong dollar, higher U.S. production and no action by OPEC have been credited. [98]
In the process of creating Image:Oil Prices 1861 2007.svg, I realized what an incredible wealth of information is available on the Energy Information Administration's web site. The 1861–2007 graph uses yearly averages, and I couldn't think of a really satisfying way to incorporate the price jumps of the past couple of months.
Brent crude futures sat above $92 per barrel — the highest levels in oil prices since November 2022. On a "core" basis, which strips out the more volatile costs of food and gas, prices in August ...
Indications of a world oil glut lead to a rapid decline in world oil prices early in 1982. OPEC appears to lose control over world oil prices. March: Damascus closes Iraq's 400,000 bbl/d (64,000 m 3 /d) trans-Syrian oil export pipeline to show support for Iran. March 11: U.S. boycotts Libyan crude. May 24:Iran recaptures Khorramshahr.
Gas prices are finally starting to fall back down to earth in much of the country. According to AAA, the national average is down to $4.189 per gallon as of Aug. 2. Fuel costs started to climb ...