Oil Prices 1946-Present
The first table shows the Annual Average Crude Oil Price from 1946 to the present. Prices are adjusted for Inflation to November 2014 prices using the Consumer Price Index (CPI-U) as presented by the Bureau of Labor Statistics.
Note:
Since these are ANNUAL Average prices they will not show the
absolute peak price and will differ slightly from the
Monthly Averages in
our Oil Price Data in Chart Form.
Also note that although the monthly Oil prices peaked in December 1979 the annual peak didn't occur until 1980 since the average of all the monthly prices was higher in 1980.
Inflation adjusted oil prices reached an all-time low in 1998 (lower than the price in 1946)! And then just ten years later in June 2008 Oil prices were at the all time monthly high for crude oil (above the 1979-1980 prices) in real inflation adjusted terms (although not quite on an annual basis).
Prices are based on historical free market (stripper) oil prices of Illinois Crude as presented by Plains All American. Price controlled prices were lower during the 1970's but resulted in artificially created gas lines and shortages and do not reflect the true free market price. Stripper prices were allowed for individual wells under special circumstances (i.e. the wells were at the end of their life cycle) but the oil they produced represented the actual free market prices of the time.
See also our price comparison of Oil vs. Gold. At $1000 is Gold Expensive? Oil Prices- Where Now?
|
Annual Average Domestic Crude Oil Prices (in $/Barrel) Inflation Adjusted to November 2014 |
||
| 1946-Present | ||
| Year | Nominal Price | Inflation Adjusted Price |
| 1946 | $1.63 | $19.41 |
| 1947 | $2.16 | $22.81 |
| 1948 | $2.77 | $27.21 |
| 1949 | $2.77 | $27.48 |
| 1950 | $2.77 | $27.19 |
| 1951 | $2.77 | $25.20 |
| 1952 | $2.77 | $24.64 |
| 1953 | $2.92 | $25.72 |
| 1954 | $2.99 | $26.30 |
| 1955 | $2.93 | $25.80 |
| 1956 | $2.94 | $25.56 |
| 1957 | $3.14 | $26.38 |
| 1958 | $3.00 | $24.55 |
| 1959 | $3.00 | $24.30 |
| 1960 | $2.91 | $23.26 |
| 1961 | $2.85 | $22.52 |
| 1962 | $2.85 | $22.25 |
| 1963 | $2.91 | $22.46 |
| 1964 | $3.00 | $22.84 |
| 1965 | $3.01 | $22.55 |
| 1966 | $3.10 | $22.56 |
| 1967 | $3.12 | $22.09 |
| 1968 | $3.18 | $21.56 |
| 1969 | $3.32 | $21.38 |
| 1970 | $3.39 | $20.63 |
| 1971 | $3.60 | $21.00 |
| 1972 | $3.60 | $20.33 |
| 1973 | $4.75 | $25.06 |
| 1974 | $9.35 | $44.71 |
| 1975 | $12.21 | $53.55 |
| 1976 | $13.10 | $54.37 |
| 1977 | $14.40 | $56.08 |
| 1978 | $14.95 | $54.16 |
| 1979 | $25.10 | $80.90 |
| 1980 | $37.42 | $107.37 |
| 1981 | $35.75 | $92.98 |
| 1982 | $31.83 | $77.95 |
| 1983 | $29.08 | $68.97 |
| 1984 | $28.75 | $65.37 |
| 1985 | $26.92 | $59.10 |
| 1986 | $14.44 | $31.10 |
| 1987 | $17.75 | $36.89 |
| 1988 | $14.87 | $29.73 |
| 1989 | $18.33 | $34.91 |
| 1990 | $23.19 | $41.79 |
| 1991 | $20.20 | $35.03 |
| 1992 | $19.25 | $32.40 |
| 1993 | $16.75 | $27.39 |
| 1994 | $15.66 | $24.94 |
| 1995 | $16.75 | $25.96 |
| 1996 | $20.46 | $30.79 |
| 1997 | $18.64 | $27.43 |
| 1998 | $11.91 | $17.26 |
| 1999 | $16.56 | $23.42 |
| 2000 | $27.39 | $37.55 |
| 2001 | $23.00 | $30.69 |
| 2002 | $22.81 | $29.92 |
| 2003 | $27.69 | $35.55 |
| 2004 | $37.66 | $47.05 |
| 2005 | $50.04 | $60.45 |
| 2006 | $58.30 | $68.28 |
| 2007 | $64.20 | $72.99 |
| 2008 | $91.48 | $100.01 |
| 2009 | $53.48 | $58.76 |
| 2010 | $71.21 | $77.11 |
| 2011 | $87.04 | $91.39 |
| 2012 | $86.46 | $88.95 |
| 2013 | $91.17 | $92.41 |
| 2014 (Nov) | $89.08 | $89.08 |
|
Monthly Average Domestic Crude Oil Prices Inflation Adjusted to November 2014 |
||
| 2012-2014 | ||
| Date | Nominal | Inf. Adj |
| Jan-12 | $91.71 | $95.55 |
| Feb-12 | $94.06 | $97.57 |
| Mar-12 | $98.04 | $100.93 |
| Apr-12 | $95.11 | $97.62 |
| May-12 | $86.20 | $88.58 |
| Jun-12 | $74.33 | $76.49 |
| Jul-12 | $79.65 | $82.10 |
| Aug-12 | $87.13 | $89.31 |
| Sep-12 | $87.89 | $89.69 |
| Oct-12 | $82.54 | $84.26 |
| Nov-12 | $79.67 | $81.72 |
| Dec-12 | $81.23 | $83.54 |
| Jan-13 | $87.65 | $89.89 |
| Feb-13 | $86.25 | $89.92 |
| Mar-13 | $87.50 | $87.48 |
| Apr-13 | $84.83 | $86.15 |
| May-13 | $87.93 | $89.14 |
| Jun-13 | $88.58 | $89.59 |
| Jul-13 | $97.77 | $98.84 |
| Aug-13 | $101.75 | $102.74 |
| Sep-13 | $99.40 | $100.25 |
| Oct-13 | $93.69 | $94.73 |
| Nov-13 | $86.96 | $88.11 |
| Dec-13 | $90.90 | $92.11 |
| Jan-14 | $87.82 | $88.66 |
| Feb-14 | $93.44 | $93.98 |
| Mar-14 | $93.66 | $93.61 |
| Apr-14 | $95.20 | $94.83 |
| May-14 | $94.82 | $94.12 |
| Jun-14 | $98.18 | $97.27 |
| Jul-14 | $95.46 | $94.62 |
| Aug-14 | $89.20 | $88.56 |
| Sep-14 | $86.07 | $85.39 |
| Oct-14 | $77.44 | $77.03 |
| Nov-14 | $68.62 | $68.62 |
Special Report: "Oil: What's Next?"
EWI's Chief Energy Analyst, Steve Craig, has lived the oil market for close to 30 years. In this free report, Steve shares his take on where oil has been -- and where it's going.Access your free oil report today and get a fresh perspective on crude oil.
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