How much did a barrel of oil cost in 1970?
Annual Average Domestic Crude Oil Prices
| Annual Average Domestic Crude Oil Prices ($/Barrel) | ||
|---|---|---|
| 1946-Present | ||
| 1970 | $3.39 | $23.73 |
| 1971 | $3.60 | $24.16 |
| 1972 | $3.60 | $23.39 |
What was the price of a barrel of oil in 1972?
Oil Prices by Year: Average, High, Low, and Events
| Year | Average | Causes |
|---|---|---|
| 1972 | $3.22 | |
| 1973 | $4.08 | |
| 1974 | $12.52 | OPEC oil embargo ended |
| 1975 | $13.95 | Stagflation |
What was the lowest oil price?
The next day, Brent crude oil, another global crude oil price benchmark, fell to $9.12 per barrel (b), its lowest daily price in decades.
What was the lowest cost of oil per barrel in 2020?
Crude Oil Prices – 70 Year Historical Chart
| Crude Oil Prices – Historical Annual Data | ||
|---|---|---|
| Year | Average Closing Price | Year Low |
| 2021 | $64.18 | $47.62 |
| 2020 | $39.68 | $11.26 |
| 2019 | $56.99 | $46.31 |
How much does oil cost per year?
Because you are supposed to get an oil change every three months or 3000 miles, whichever comes first, you should get approximately four oil changes per year. This translates to a cost of about $120 per year. Those who want to do it on their own will pay about $5 to $10 per quart of oil.
How much oil is used per year?
The U.S. uses about 6.6 billion barrels per year. That is only enough oil to last the U.S. about three and a half years without importing oil from other countries. 84% of the reserves are concentrated in four states.
What is the price of crude oil per barrel?
According to a January 2020 EIA report, the average price of Brent crude oil in 2019 was $64 per barrel compared to $71 per barrel in 2018. The average price of WTI crude oil was $57 per barrel in 2019 compared to $64 in 2018.
