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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 reported cost is the actual amount paid by the purchaser, allowing for any adjustments (deductions or premiums) passed on to the producer or royalty owner. The data from 1945–1985 is, as far as I understand, the price you would have paid for a barrel of light crude if you had dropped anchor at Ras Tanura and said "Load it up!".
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 $129 per barrel in 2023 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($75 to $28 in 2023 dollars). [2] [3] The ...
Crude oil futures fell to three-month lows on Friday and are heading to a weekly loss as the summer driving season gets underway with the Memorial Day holiday. U.S. crude oil hit an intraday low ...
The price per gallon never topped 90 cents in the closing years of the ’80s — about $2.40 today. A decade later in 1996-97, prices peaked at $1.23, which is almost exactly the same in 2022 ...
According to GasBuddy, which tracks gas prices across North America, the average price of a gallon in the United States hit a seven-year high this month at $3.26 per gallon.
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