Appendix K
US Crude Oil Prices 1859–2016

US Crude Oil First Purchase Price (Not Adjusted for Inflation)

Graph illustrating the US crude oil first purchase price (Not Adjusted for Inflation) depicted by an ascending fluctuating curve.

Selected Historic Events

Date Description
1859 First crude oil production
1860–1861 First crude oil price collapse
1862–1865 Commodity prices increased during the US Civil War (1861–1865)
1864 First oil shock and major increase in price
1866 Roberts Torpedo Company patented the first artificial fracturing technology
1865–1890 Boom and bust cycles
1891–1894 Pennsylvania oil fields declined, allowing for reduced supply, increasing prices
1895 Baku, Azerbaijan, production cuts; prices rose
1931 Demand for crude oil plummeted during the Great Depression
1956–1957 Suez Crisis reduced global oil supply
1973–1974 Arab oil embargo
1979–1990 Iranian Islamic Revolution (1979); Iraqi invasion of Kuwait oil fields (1990)
2007–2008 Economic growth prior to the Great Recession
2008 Global financial crisis
2009 Great Recession
2011 Arab Spring
2013 Decline in crude oil due to global oversupply

U.S. Crude Oil First Purchase Price (Dollars per Barrel)

Decade Year‐0 Year‐1 Year‐2 Year‐3 Year‐4 Year‐5 Year‐6 Year‐7 Year‐8 Year‐9
1850s 16.00
1860s 9.59 0.49 1.05 3.15 8.06 6.59 3.74 2.41 3.62 5.64
1870s 3.86 4.34 3.64 1.83 1.17 1.35 2.52 2.38 1.17 0.86
1880s 0.94 0.92 0.78 1.10 0.85 0.88 0.71 0.67 0.65 0.77
1890s 0.77 0.56 0.51 0.60 0.72 1.09 0.96 0.68 0.80 1.13
1900s 1.19 0.96 0.80 0.94 0.86 0.62 0.73 0.72 0.72 0.70
1910s 0.61 0.61 0.74 0.95 0.81 0.64 1.10 1.56 1.98 2.01
1920s 3.07 1.73 1.61 1.34 1.43 1.68 1.88 1.30 1.17 1.27
1930s 1.19 0.65 0.87 0.67 1.00 0.97 1.09 1.18 1.13 1.02
1940s 1.02 1.14 1.19 1.20 1.21 1.22 1.41 1.93 2.60 2.54
1950s 2.51 2.53 2.53 2.68 2.78 2.77 2.79 3.09 3.01 2.90
1960s 2.88 2.89 2.90 2.89 2.88 2.86 2.88 2.92 2.94 3.09
1970s 3.18 3.39 3.39 3.89 6.87 7.67 8.19 8.57 9.00 12.64
1980s 21.59 31.77 28.52 26.19 25.88 24.09 12.51 15.40 12.58 15.86
1990s 20.03 16.54 15.99 14.25 13.19 14.62 18.46 17.23 10.87 15.56
2000s 26.72 21.84 22.51 27.56 36.77 50.28 59.69 66.52 94.04 56.35
2010s 74.71 95.73 94.52 95.99 87.39 44.39 38.29

Suggested Reading

  1. United States Energy Information Administration (USEIA) (2018). Petroleum and Other Liquids, U.S. Crude Oil First Purchase Price (dollars per barrel); EIA On‐Line Database, Petroleum and Other Liquids https://www.eia.gov/petroleum/data.php (accessed 24 October 2018) for Natural Gas, EIA On‐Line Database, Petroleum and Other Liquids https://www.eia.gov/naturalgas/data.php (accessed 24 October 2018).
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