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Oil Price History

Good chart in the WSJ online Monday of the past 35 years of Crude:

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Crude Facts
click for larger chart

Graphic courtesy of WSJ

History:

1970: U.S. oil output peaks and begins a long decline
March 18, 1974: Arab oil embargo ends
November 1974: Industrialized nations found International Energy Agency, commit to holding strategic oil reserves
Feb. 11, 1979: Iran is in revolution; the followers of Ayatollah Khomeini come to power
Second quarter of 1979: Amid price increase free-for-all among OPEC members, Saudi Arabia cuts production
Sept. 22, 1980: Iran-Iraq war begins
Jan. 28, 1981: President Reagan lifts U.S. oil price and allocation controls
March 30, 1983: Crude-oil futures begin trading in New York
November - December 1985: Opec decides to increase market share; price war begins
August 2, 1990: Iraq invades Kuwait
April 1994: U.S. net imports of oil begin to consistently exceed domestic production
July 2, 1997: Asian economic crisis errupts; oil demand drops
September 11, 2001: Terrorist attacks on New York and Washington, D.C.
March 19, 2003: U.S.- and British-led coalition invades Iraq
November 13, 2003: Amid growing demand, supply disruptions and Middle East tensions, IEA says China is biggest driver of global oil demand
August 29 2005:  Hurricane Katrina slams Gulf of Mexico
January 30, 2006:  Exxon Mobil reports more than 10 Billion in quarterly earnings

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Source:
Oil Settles Above $70 a Barrel, Despite Inventories at 8-Year High
BHUSHAN BAHREE in New York and ANN DAVIS in Houston
April 18, 2006; Page A1
http://online.wsj.com/article/SB114532452352528310.html

Thursday, April 20, 2006 | 07:00 AM | Permalink | Comments (7) | TrackBack (1)
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Comments

When this filters down to the consumer, who is already lacking disposable income, I suspect the economy will suffer greatly. Higher interest rates on mortgages and consumer debit combined with higher gas prices will quickly takes it's toll.

Posted by: TP | Apr 20, 2006 8:44:29 AM

January 30, 2006: Exxon Mobil reports more than 10 Billion in quarterly earnings

Translation: $14 per barrel profit. 40% increase in profits, 14% increase in taxes.

Posted by: Robert Cote | Apr 20, 2006 9:50:11 AM

Nice graphic. Thanks for posting that. Unfortunately, I don't think this one is gonna be a blowoff parabolic top like the late 70s.

I believe XOM reports mid-May. Anyone want to offer up a WAG on earnings?

Posted by: Alaskan_Pete | Apr 20, 2006 10:36:12 AM

Great chart today on gas inventories - f^@&ing ominous
http://www.theoildrum.com/story/2006/4/20/03640/8204

The post also contains an interesting series of charts on oil, distellates and demand

Posted by: Paul | Apr 20, 2006 12:19:41 PM

Require the price of crude oil from 26 March 2007-30 April 2007
Thanks

Posted by: aw bell | May 19, 2007 1:22:12 PM

Hypothetically, if a huge meteor was on its way to earth, and there was no way it was going to miss, would anyone really let us know?
ANSWER : NO WAY !! Can you imagine the remnifications! Element of surprise; the strong survive by adapting, the rich and the powerful survive by planning !!
WHICH BRINGS US TO OIL SUPPLY : Would anyone tell us if it was running out fast?
ANSWER : NO WAY !! "As Above"
REASON : Governments worldwide have not made any long term infastructure spending committments for the past 20 years, if anything they have sold off major assets....so if these nations are collecting more taxes, not borrowing, not spending on evident infastructure improvements, collecting from major assets sell offs....where is the money going?
ANSWER : Preparation for the rich and Powerful !! The rest of us will have to fend for ourselves.

Posted by: Joe Falzon | Jun 10, 2008 8:28:05 AM

3yrs oil price details
who determine the oil price
how it is determined
where it is determined

Posted by: sudakar | Jul 1, 2008 2:18:29 AM