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Crude Price History

Posted By Barry Ritholtz On October 15, 2005 @ 8:16 am In Commodities | Comments Disabled

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

Crude_infl_adj [1]

Courtesy of WSJ [2]

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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URL to article: http://www.ritholtz.com/blog/2005/10/crude-price-history/

URLs in this post:

[1] Image: http://bigpicture.typepad.com/.shared/image.html?/photos/uncategorized/crude_infl_adj.jpg

[2] WSJ: http://online.wsj.com/documents/info-oil0503_frset.html

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