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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