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Crude Oil Prices - 70 Year Historical Chart. 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.
- 10 Year Daily Chart
WTI Crude Oil Prices - 10 Year Daily Chart. Interactive...
- Crude Oil vs Gasoline Prices
This interactive chart compares the monthly price...
- Saudi Arabia Crude Oil Production
The current level of Saudi Arabia crude oil production as of...
- Crude Oil Prices Today - Live Chart
Live interactive chart of West Texas Intermediate (WTI or...
- Oil Prices vs Natural Gas
This interactive chart compares the price performance of...
- 10 Year Daily Chart
- 50 Years of Price Turmoil
- Formation of OPEC
- Arab Oil Embargo
- Iranian Revolution
- Reagan Deregulates U.S. Oil Industry
- First Gulf War
- The 2008 Oil Shock
- Recession and Financial Crisis
- The U.S. Shale Oil Revolution
The latest turmoil marks another dramatic chapter in the history of oil, which has seen wild swings over the span of five decades. Those price moves have been sparked by a long list of seminal events, including the Arab oil embargo of the early 1970s, the First Gulf War in the early 1990s, the Great Recession of 2007-2009, and now the 2020 crisis. ...
The Organization of the Petroleum Exporting Countries (OPEC) was founded in 1960. The stated objective of member countries was "to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers." OPEC members function as a cartel, seeking to maximize their oil sales revenue by ad...
In retaliation for U.S support of Israel in the Yom Kippur War of 1973, oil-producing Arab nations cut off crude exports to the U.S. As a result, the price of crude oil soared from about $24 to $56 per barrel by early 1974.
The pro-Western Shah fled Iran in January of 1979, with the anti-Western Grand Ayatollah Ruhollah Khomeini emerging as the leader of an Islamist government that takes control. A sharp drop in Iranian production as a result of the political unrest sent crude oil prices even higher than during the Arab oil embargo. Oil jumped from about $56 per barre...
Shortly after taking office in 1981, President Ronald Reagan signed an executive order abolishing price and allocation controls on domestic oil and gasoline production and distribution. The price of crude fell from almost $113 per barrel in January 1981 to about $26 by mid-1986.
In August 1990, Iraq invaded Kuwait, sending the price of oil soaring from about $34 per barrel to nearly $77. After a U.S.-led military coalition succeeded in removing Saddam Hussein's Iraqi forces from Kuwait in early 1991, the price fell to about $37.
In 2008, a series of events that cut global production sharply led to a significant spike in oil prices. Venezuela cut off sales to Exxon Mobil in a legal battle over nationalization of that company's properties. Exports from Iraq had not recovered from the most recent war in the region, and labor strikes reduced production in Nigeria and the U.K.'...
The second half of 2008 was marked by a deepening economic recession, accompanied by a severe financial crisis that impacted oil and gas prices. Oil sank to the low $50s per barrel by January 2009 before rebounding to nearly $95 by year-end as the global economy recovered.
U.S. oil and gas output increased by about 57% over the past decade until early 2020 as advances in fracking technology unlocked vast reserves in various areas of the country. Fracking returned the U.S. to the status of one of the world's biggest oil producers, reducing U.S. demand for imported oil and turning the U.S. into a net exporter. At its p...
- Mark Kolakowski
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, Isthmus, and Western Canadian Select (WCS). [1][...
Oct 15, 2019 · Prices shot up rapidly from $0.49 per barrel in 1861 to $6.59 a barrel in 1865, representing a massive 1,245% climb in the space of just four years. 1870-1913: The auto revolution.
- Alex Kimani
World War I drove global demand for oil and caused prices to rise from $0.81 a barrel in 1914 to $1.98 in 1918. Demand after the war was driven by the ever-increasing popularity of cars, which caused a gasoline shortage on the west coast of America in 1920.
Jun 22, 2019 · When coupled with a global economic contraction brought on by the financial crisis, oil prices collapsed from US$145 in July to just US$34 a barrel in December, a 76% decline in less than 6 months - a move most certainly not caused by underlying fundamentals.
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Oct 17, 2023 · In the oil-importing West, the events of late 1973 are commonly referred to as the (first) “oil shock,” rooted in the pervasive myth that oil prices shot up because the Organization of the Petroleum Exporting Countries (OPEC) allegedly “embargoed” its oil shipments to the West in an attempt to support Egypt and Syria in their “October war” again...
