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Fact #210: April 1, 2002
Crude Oil Prices Since 1870

The following graphs show the fluctuation of crude oil prices since 1870. Given this volatility, it is difficult for anyone to predict future crude oil prices with any certainty. The first graph shows the prices from 1870 to 2000 in constant dollars, indexed to 1973=100. The second graph shows the current dollar prices for this same period.

Supporting Information

Crude Oil Prices: 1870-2000

Year	Constant $ Price Index (1973=100)	Current $ Prices ($/bbl)	Year	Constant $ Price Index (1973=100)	Current $ Prices ($/bbl)
1870	480	3.86	1936	105	1.09
1871	531	4.34	1937	109	1.18
1872	469	3.64	1938	107	1.13
1873	239	1.83	1939	97	1.02
1874	154	1.17	1940	95	1.02
1875	182	1.35	1941	99	1.14
1876	356	2.56	1942	94	1.19
1877	349	2.42	1943	90	1.20
1878	185	1.19	1944	89	1.21
1879	141	0.86	1945	87	1.05
1880	140	0.95	1946	87	1.05
1881	140	0.86	1947	105	1.60
1882	115	0.78	1948	133	1.99
1883	164	1.00	1949	131	1.84
1884	133	0.84	1950	127	1.71
1885	148	0.88	1951	120	1.71
1886	121	0.71	1952	118	1.71
1887	113	0.67	1953	123	1.93
1888	108	0.88	1954	126	1.93
1889	127	0.94	1955	123	1.93
1890	130	0.87	1956	120	1.93
1891	96	0.67	1957	129	2.08
1892	91	0.56	1958	123	2.08
1893	104	0.64	1959	116	1.90
1894	134	0.84	1960	113	1.76
1895	205	1.36	1961	113	1.80
1896	186	1.18	1962	111	1.80
1897	131	0.79	1963	109	1.80
1898	149	0.91	1964	107	1.80
1899	204	1.29	1965	104	1.80
1900	205	1.19	1966	102	1.80
1901	167	0.96	1967	100	1.80
1902	135	0.80	1968	96	1.80
1903	156	0.94	1969	96	1.80
1904	141	0.86	1970	94	1.80
1905	100	0.62	1971	96	2.18
1906	114	0.73	1972	92	2.48
1907	108	0.72	1973	100	3.89
1908	109	0.72	1974	159	6.87
1909	103	0.70	1975	163	7.67
1910	87	0.61	1976	167	8.19
1911	88	0.61	1977	166	8.57
1912	103	0.74	1978	161	9.00
1913	132	0.95	1979	207	12.64
1914	111	0.81	1980	328	21.59
1915	84	0.64	1981	440	31.77
1916	128	1.10	1982	372	28.52
1917	148	1.56	1983	331	26.19
1918	171	1.98	1984	317	25.88
1919	148	2.01	1985	286	24.09
1920	195	3.07	1986	144	12.51
1921	135	1.73	1987	172	15.40
1922	135	1.61	1988	135	12.58
1923	108	1.34	1989	163	15.86
1924	117	1.43	1990	196	20.03
1925	135	1.68	1991	156	16.54
1926	153	1.88	1992	146	15.99
1927	109	1.30	1993	127	14.25
1928	97	1.17	1994	115	13.19
1929	105	1.27	1995	124	14.62
1930	101	1.19	1996	154	18.46
1931	61	0.65	1997	141	17.23
1932	92	0.87	1998	88	10.87
1933	72	0.67	1999	125	15.56
1934	99	1.00	2000	209	26.72
1935	94	0.97
Source: Crude oil prices from 1870-1972 are from the American Petroleum Institute, Basic Petroleum Data Book, Volume XXI, Number 2, August 2001. Crude oil prices from 1973-2000 are from the Energy Information Administration, Monthly Energy Review, February 2002, DOE/EIA-0035(2002/02), Table 9.1, domestic first purchase price.

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