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Heating Oil Prices - 30 Year Historical Chart. Interactive chart showing the monthly closing price for No. 2 Heating Oil: New York Harbor since 1986. The prices shown are in U.S. dollars. The current price of heating oil as of May 30, 2024 is 2.29 per gallon.
- Key Terms
- Context
- Creation of A Protected Market
- Oil Crises of The 1970s
- Government Response to Oil Crises
Price controlsRestrictions that a government sets on the price of specific goods. Price controls are usually a short-term measure to control the affordability of the goods.
The oil industry in Canada has been subject to government regulation for nearly its entire existence. The Leduc discovery of 1947 showed — for the first time — the extent and value of Western Canadian oil and gas resources. The Canadian oil and gas industry grew rapidly from 1947 to 1973. During that time, the international price of oil was low and...
The federal government created the National Energy Board in 1959 and the National Oil Policy in 1961 to address these supply problems. The solution was that Quebec and the Atlantic provinces would continue to import oil by ship from the cheapest foreign sources, while all of Canada west of the Ottawa Valley would get its oil and gas from Alberta, S...
The federal government introduced price controls one month before the Oil Embargo of October 1973. In response to American support of Israel in the 1973 Yom Kippur War, the Organization of Arab Petroleum Exporting Countries banned oil sales to the United States and its allies. This caused both a rapid price increase and a global oil shortage. The g...
The government of Pierre Elliott Trudeau responded to the oilcrisis of 1973–74 in several ways. First, it set limits on the price that consumers could be charged for oil. Second, it began building a plant to extract synthetic oil from oil sands. This was still a relatively new and expensive process. Recognizing the potential value of this form of o...
Apr 13, 2022 · Oil Prices by Year: Average, High, Low, and Events . The following chart shows the nominal value for imported crude oil according to the U.S. Energy Information Administration. The first column shows the average annual price. It's followed by the monthly high and low oil prices for that year.
- Kimberly Amadeo
Apr 10, 2020 · The oil price war of January 2020 began 10 years ago. To understand what happened, you have to look back to 2009. As most of you know, 2010 saw oil prices punch through $100 per...
The current price of WTI crude oil as of June 28, 2024 is $82.64 per barrel. Interactive charts of West Texas Intermediate (WTI or NYMEX) crude oil prices per barrel back to 1946. The price of oil shown is adjusted for inflation using the headline CPI and is shown by default on a logarithmic scale. The current month is updated on an hourly ...
Canadian end-use energy prices have generally risen over the last decade and become more volatile. This Energy Fact will explore pricing trends over the past decade for crude oil, gasoline, furnace oil, natural gas, and electricity.
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PRICES Table 10.7 (concluded) Home heating oil, average retail price by city (taxes included)
