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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 basis with today's latest value. Interactive charts of West Texas Intermediate (WTI or NYMEX) crude oil prices per barrel back to 1946.
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.
May 4, 2022 · Historical oil prices rose rapidly from 2004-2008. During that time, economic growth was fueling oil demand but there was little spare production capacity. By the second quarter of 2008, inflation-adjusted oil prices hit a high of $125 per barrel.
Oil prices jumped on the news and are now about 18% higher than they were before the November announcement. WTI crude is trading around $53.62 per barrel, while Brent crude is around $55.78 per barrel as of 9:28 a.m ET 20 December.
Dec 12, 2023 · The average inflation-adjusted price for crude oil since 1946 is $54.90, which is still about one-third of the 2008 price. The average inflation-adjusted price since 1980 is higher at $67.74. The average inflation-adjusted price since 2000 is even higher at $76.30.
Since 1869 US crude oil prices adjusted for inflation have averaged $21.05 per barrel in 2006 dollars compared to $21.66 for world oil prices. Fifty percent of the time prices U.S. and world prices were below the median oil price of $16.71 per barrel.
What affects oil prices and how do fluctuations impact the wider economy? We discuss rising inflation, post-pandemic recovery and the energy transition.
