The very long-term view of oil prices is much the same as today. Since 1869, US crude oil prices (adjusted for inflation) have averaged $22.52 per barrel in compared to $23.42 for world oil prices. The oil prices rose from $2.50 in 1948 to about $3.00 in 1957. In 1972, the crude oil prices were about $3.00 per barrel. Crude oil prices ranged between $2.50 and $3.00 from 1948 through the end of the 1960s. By the end of 1974, the oil prices had quadrupled to over $12.00, and from 1974 to 1978, the world crude oil prices were relatively flat ranging from $12.21 per barrel to $13.55 per barrel. In 1979 and 1980, events in Iran and Iraq led to another round of crude oil price increases. The Iranian revolution resulted in the loss of 2 to 2.5 million barrels per day of oil production between November 1978 and June 1979.

At one point production almost halted. Shortly after the revolution, production was up to 4 million barrels per day. In September 1980, Iran, already weakened by the revolution, was invaded by Iraq. By November, the combined production of both countries was only a million barrels per day and 6.5 million barrels per day less than a year before; 10 percent lower than in 1979. The Iraq-Iran War caused crude oil prices to increase more than double; from $14 in 1978 to $35 per barrel in 1981. The rapid increase in crude prices from 1973 to 1981 would have been much less were it not for United States energy policy during the post Embargo period.

The obvious result of the oil price controls was that U.S. consumers of crude oil paid about 50 percent more for imports than domestic production and U.S producers received less than world market price. The crude oil prices spiked in 1990 with the lower production and uncertainty associated with the Iraqi invasion of Kuwait and the ensuing Gulf War. From 1990 to 1997 world oil consumption increased 6.2 million barrels per day.

With oil being measured in barrels how much oil is in a barrel? The standard barrel contains 42 U.S. gallons of crude oil. The rough estimate oil prices are around 70 - 80 dollars per barrel. The largest share of the 42 gallons of crude oil contained in a standard barrel ends up as finished motor gasoline, and motor gasoline accounts for 19.65 gallons of the finished product.

Next in line is distillate fuel oil at 10.03 gallons. Jet fuel comes in a rather distant third place in the refinement process. Of the original 42 gallons of crude oil in a barrel, that portion which will end up as jet fuel is 4.07 gallons. Residual fuel oil accounts for 1.72 gallons of the overall refined product. As oil prices increase and decrease so does the demand. Knowing about your oil prices can save you in the end; and where the oil comes from is coming from different oil prices.

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