Oil Price History

April 20, 2006 7:00am by

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

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Crude Facts
click for larger chart

Crude

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

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What's been said:

Discussions found on the web:
  1. TP commented on Apr 20

    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.

  2. Robert Cote commented on Apr 20

    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.

  3. Alaskan_Pete commented on Apr 20

    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?

  5. Zmetro.com commented on Apr 20

    Oil Price History

    35 Years of crude prices, via the Wall Street Journal and Barry Ritholtz….

  6. aw bell commented on May 19

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

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