Thursday, February 26, 2009

The Historic Price of Crude Oil

The Department of Energy website has an interactive graphic that lets you trace the price of crude oil from 1970 onward. The graph presents both the nominal and the real price in 2009 inflation adjusted dollars. In 1981 the real price of crude reached a $91.96 a barrel. After falling for about two decades the next peak occurred in July 2008 $124.40. It might make you feel a little better during this financial crisis to know that the current price is about $44 a barrel, significantly below the most recent crest.

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