Crude Price History

Saturday, October 15, 2005 | 08:16 AM

Here's some more color on Oil: The WSJ decided to track the past few decades of Crude's price history, both adjusted (and not) for inflation (quite informative).

click for larger graphic


Courtesy of WSJ

Here's their timeline:

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

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