What was the price of a barrel of oil in 2014?

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Average annual Brent crude oil price from 1976 to 2022 (in U.S. dollars per barrel)

Characteristic	Average crude oil price in U.S. dollars per barrel
2015	52.32
2014	98.97
2013	108.56
2012	111.63

What was the price of a barrel of oil in 2015?

Crude oil prices started 2015 relatively low, ended the year lower. Crude oil prices ended 2015 below $40 per barrel (b), the lowest level since early 2009. Spot prices for the international crude oil benchmark Brent averaged $52/b in 2015, 53% below the level in 2014 and 49% below the average price over 2010-14.

How much did a barrel of oil cost in 2021?

70.68 U.S. dollars per barrel
In 2021, the annual average price was 70.68 U.S. dollars per barrel.

What was the price of crude oil in 2021?

(13 May 2021) Brent crude oil prices will average $62.26 per barrel in 2021 and $60.74 per barrel in 2022 according to the forecast in the most recent Short-Term Energy Outlook from the US Energy Information Administration (EIA).

What happened to oil prices between 1972 and 1974?

The OPEC oil embargo was an event where the 12 countries that made up OPEC at the time stopped selling oil to the United States. The embargo sent gas prices through the roof. Between 1973 and 1974, prices more than quadrupled. The embargo contributed to stagflation.

How much did crude oil production increase in 2014?

U.S. highlights Domestic crude oil production increased 1.2 million barrels per day (bbl/d) in 2014, up 16% from 2013. At 8.6 million bbl/d, U.S. production is at the highest level in nearly 30 years. The Brent-WTI spread averaged less than $6/bbl, significantly lower than the 2011-13 average of nearly $15/bbl.

What happened to crude oil prices in December?

After reaching monthly peaks of $112 per barrel (bbl) and $105/bbl in June, crude oil benchmarks Brent and West Texas Intermediate (WTI) fell to $62/bbl and $59/bbl in December, respectively. Brent prices fell below the five-year average in early September and slipped well below the five-year range in November and December.

How high have oil prices been in the past?

Oil prices have been high and low and everywhere in between over the years. Political and other changes have consistently rocked the oil landscape since 1948. Prices ranged between $2.50 and $3.00 a barrel until 1970. That’s $17 to $19 a barrel when adjusted for inflation.

What is the average price of crude oil?

Crude Oil Prices – Historical Annual Data Year Average Closing Price Year Open Year High Year Low Year Close Annual % Change 2021 $51.92 $47.62 $53.58 $47.62 $53.13 9.50% 2020 $39.68 $61.17 $63.27 $11.26 $48.52 2019