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    This line chart shows crude oil prices from 1861 to 2009 in both nominal US dollars per barrel and inflation-adjusted 2009 dollars. Key events that impacted oil prices are highlighted, including early oil discoveries and wars such as the Yom Kippur war and Iraq invasion, which caused price spikes. The chart also notes periods when prices fell, such as after the East Texas oil field discovery and the 1998 Asian financial crisis. Recent years have seen generally rising prices each year until 2008, when the nominal price surpassed the inflation-adjusted price.

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    This line chart shows crude oil prices from 1861 to 2009 in both nominal US dollars per barrel and inflation-adjusted 2009 dollars. Key events that impacted oil prices are highlighted, including early oil discoveries and wars such as the Yom Kippur war and Iraq invasion, which caused price spikes. The chart also notes periods when prices fell, such as after the East Texas oil field discovery and the 1998 Asian financial crisis. Recent years have seen generally rising prices each year until 2008, when the nominal price surpassed the inflation-adjusted price.

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    16 views1 page

    BP 2

    Uploaded by

    lerplata
    This line chart shows crude oil prices from 1861 to 2009 in both nominal US dollars per barrel and inflation-adjusted 2009 dollars. Key events that impacted oil prices are highlighted, including early oil discoveries and wars such as the Yom Kippur war and Iraq invasion, which caused price spikes. The chart also notes periods when prices fell, such as after the East Texas oil field discovery and the 1998 Asian financial crisis. Recent years have seen generally rising prices each year until 2008, when the nominal price surpassed the inflation-adjusted price.

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    Crude oil prices since 1861 This line chart shows crude oil prices since 1861, in US dollars per barrel of oil. Data are available in both the money of the day (nominal terms) and in 2009 prices (real terms). The chart highlights some of the key world events that have affected the oil price between 1861 and 2009. These include the discovery of Spindletop Texas, the growth of Venezuelan production, post war reconstruction, the Yom Kippur war, the introduction of Netback pricing and the invasion of Iraq. The Pennsylvanian oil boom saw prices reach a peak of $110.11 per barrel in (real terms) while the discovery of the East Texas oil field resulted in a price fall to a low in (real terms) of $9.15 per barrel. The Iranian revolution and Iraq invasion of Kuwait both caused spikes of $95.89 per barrel (real), $36.83 per barrel (nominal) and $38.94 per barrel (real) and $23.73 per barrel (nominal) respectively. The Asian financial crisis in 1998 saw prices fall to $16.74 per barrel (real) and $12.72 per barrel (nominal). Since 2001 prices (nominal and real) have risen year on year until 2008. In 2008 the nominal price was higher at $97.26 than the real price $96.91. The 2009 price is $61.67 per barrel.

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