Crude Oil Price History
Crude oil price is similar to any other precious metal, and the market behavior as volatile as gold or silver. The crude oil prices change almost everyday. |
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It all depends on the demand and supply cycle of the crude oil. Oil is required by almost every industry in the world because it generates energy. Two of the biggest users of oil is the airline and the automotive industries. The consumers come only second.During the twentieth century, the United States realized how potent oil prices could be when it comes into world markets. So, they regulated the prices to a large extent. During the World War II, the oil prices in US hit about $26.64 a barrel. If there was no price control, then the United States would have averaged at the same price per barrel. If we take a period from 1947 to 2008, which is almost 50 years, we notice that the oil prices changed only 50 percent of the time. Only in March 2000, the US government adjusted the price of oil in the band of $22 to $28 per barrel.
If you take a longer period and view the oil prices, it is still the same. In 1869, US crude oil prices were adjusted against inflation, and averaged at about $22.52 per barrel compared to the $23.42 per barrel that was prevalent in other parts of the world.
In the history of crude oil prices, 50 percent of the time prices in the United States and world prices have been less than $16.71 per barrel. So, oil prices though varied by small percentages, by large maintained a platform of even ground.
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Crude Oil Price History
