Oil Markets Historic Chart 1973-2016

Year Event Oil Price (b) chg. Oil price

(a)

0. 1950-1972 Oil discoveries in the Middle East during post-WW II expansion $2 + 50% $3
1. 1973 OPEC cartel formed $3 + 300% $12
2. 1979 Ayatollah takeover in Iran $15 + 150% $373
3. 1980s Oil discoveries in North Sea, Mexico, Alaska $37 - 60% $15
4. 1999-2008 China and emerging economies demand for oil surges ($12 in 1997) $20 + 500% $120
5. 2008-2009 Global economic depression $95 - 35% $61
6. 2010-2011 Fracking in USA/Canada $61 + 50% $93
7. 2012-2014 Arab Spring, sporadic M.E. oil supply disruptions $90 + 50-60% $135+
8. 2014-2015 Shale oil output accelerates, Libyan oil output spikes, and China slowdown $105 - 70% $35
9. 2016/Future ? ? ? Is $60 a barrel the new “normal” and sustainable? $60? ? $60?