Figure section 4. Crude oil prices over time

<aside> 💡 The price per barrel is lower, adjusted for inflation than it was in 1980 and in 2008. The adjusted peaks in both cases hovered around $4.30.

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Per year averages adjusted for inflation are embedded below.

Peak prices can be found here.

US Official Inflation Data. Inflation Rate for Gas between 1935-2022. In: Inflation Calculator [Internet]. 2022 [cited 13 Jun 2022]. Available: https://www.in2013dollars.com/Gasoline-(all-types)/price-inflation

Figure 4.1. Crude Oil Prices - 70-Year Inflation-Adjusted Historical Chart (1940 to present) no markers.

US Energy Information Administration. Crude Oil Prices - 70 Year Inflation-Adjusted Historical Chart. In: MacroTrends [Internet]. 2022 [cited 12 Jun 2022]. https://www.macrotrends.net/1369/crude-oil-price-history-chart

Figure 4.2. Crude Oil Prices - 70-Year Inflation-Adjusted Historical Chart. (2008 datapoint)

In 2008 the adjusted-for-inflation price per gallon was around $4.30 but the price per barrel had an adjusted price of $187.04.

Ibid. US Energy Information Administration. Crude Oil Prices - 70 Year Inflation-Adjusted Historical Chart. In: MacroTrends [Internet]. 2022 [cited 12 Jun 2022]. https://www.macrotrends.net/1369/crude-oil-price-history-chart

Figure 4.3. Crude Oil Prices - 70-Year Inflation-Adjusted Historical Chart. (1981 datapoint)

In 1981, the adjusted price per barrel broke $125, while the adjusted gas price was around $4.30, like in 2008.

US Energy Information Administration. Crude Oil Prices - 70 Year Inflation-Adjusted Historical Chart. In: MacroTrends [Internet]. 2022 [cited 12 Jun 2022]. https://www.macrotrends.net/1369/crude-oil-price-history-chart

Figure 4.4. Crude Oil Prices - 70-Year Inflation-Adjusted Historical Chart. (1980 datapoint)

In 1980, the price per barrel spiked to nearly $143 per barrel adjusted for inflation.

US Energy Information Administration. Crude Oil Prices - 70 Year Inflation-Adjusted Historical Chart. In: MacroTrends [Internet]. 2022 [cited 12 Jun 2022]. https://www.macrotrends.net/1369/crude-oil-price-history-chart

Figure 4.5. Crude Oil Prices - 70-Year Inflation-Adjusted Historical Chart. (2012 datapoint)

In 2012 the adjusted price per barrel broke $133. The inflation-adjusted gas price in the same period was around $4.40.