Oil is
used to produce gasoline, diesel, jet fuel, plastics and other products. The oil business is global and is managed to
react to global demand and remain viable to support the economy. Oil prices
have followed inflation and costs. The price per barrel has risen from $1.63
per barrel in 1946 to $46.35 per barrel in 2019.
Annual
Average Domestic Crude Oil Prices in $/Barrel 1946-2019.
Year-Price
per Barrel
1946
$1.63
1947
$2.16
1948
$2.77
1949
$2.77
1950
$2.77
1951
$2.77
1952
$2.77
1953
$2.92
1954
$2.99
1955
$2.93
1956
$2.94
1957
$3.14
1958
$3.00
1959
$3.00
1960
$2.91
1961
$2.85
1962
$2.85
1963
$2.91
1964
$3.00
1965
$3.01
1966
$3.10
1967
$3.12
1968
$3.18
1969
$3.32
1970
$3.39
1971
$3.60
1972
$3.60
1973
$4.75
1974
$9.35
1975 $12.21
1976
$13.10
1977
$14.40
1978
$14.95
1979
$25.10
1980
$37.42
1981
$35.75
1982
$31.83
1983
$29.08
1984
$28.75
1985
$26.92
1986
$14.44
1987
$17.75
1988
$14.87
1989
$18.33
1990
$23.19
1991
$20.20
1992
$19.25
1993
$16.75
1994
$15.66
1995
$16.75
1996 $20.46
1997
$18.64
1998
$11.91
1999
$16.56
2000
$27.39
2001
$23.00
2002
$22.81
2003
$27.69
2004
$37.66
2005
$50.04
2006
$58.30
2007
$64.20
2008
$91.48
2009
$53.48
2010
$71.21
2011
$87.04
2012
$86.46
2013
$91.17
2014
$85.60
2015
$41.85
2016
$36.34
2017
$45.33
2018
$58.15
2019
$46.35
Norb Leahy, Dunwoody
GA Tea Party Leader
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