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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).
The chart currently uses yearly averages; since 2008's not over yet, we don't have an average price for this year. I have to integrate it in a way that doesn't hurt the accuracy of the graph. I have put further thought into how the EIA's 1861–1999 spreadsheet is constructed, with the intention of possibly improving it.
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Vertical extents indicate thousands of barrels of oil consumed per day, and the horizontal scale shows years from 1980 to 2006. From bottom to top the regions are: United States in red, Canada and Mexico in orange, Central and South America in brown, Europe in blue, Eurasia in cream, Middle East in pink, Africa in grey, and Asia and Oceania in ...
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 ...
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]
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