Crude Oil Prices: US dollars per barrel

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Crude Oil Prices: US dollars per barrel

This line graph illustrates the world’s crude oil prices from 1970 to 2005 shown in US dollars per barrel.

At the beginning of the period, the crude oil price was so cheap. But before arab oil embargo occured, the price was boomed considerably. Between 1974 and 1978 the price rose slightly from 10-12 dollars before rocketed to more than 30 dollars per barrel when Iranian revolution happened. The price of crude oil became even higher when the two arabian countries – Iran and Iraq – involved in war.

Reaching its saturation point in 1980 – 40 dollars, the price slumped down drastica...

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