Over the last several decades, the price of WTI crude oil has been affected by notable events and crises taking place throughout the world. The inflation adjusted price of one barrel of crude oil peaked shortly before the global financial crisis in 2008 at ****** real U.S. dollars. By the first quarter of 2009, the crude oil price had plummeted to ***** real U.S. dollars per barrel. By comparison, the through price during the coronavirus pandemic was ***** real U.S. dollars.

Graph and download economic data for Consumer Price Index for All Urban Consumers: Fuel Oil and Other Fuels in U.S. City Average (CUSR0000SEHE) from Jan 1947 to Sep 2025 about fuels, oil, urban, consumer, CPI, inflation, price index, indexes, price, and USA.

The 2025 annual OPEC basket price stood at ***** U.S. dollars per barrel as of August. This would be lower than the 2024 average, which amounted to ***** U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2025 fall in prices was the result of weakened demand outlooks exacerbated by extensive U.S. trade tariffs.

The author argues that the economic benefits of low gasoline prices for the U.S. economy have fallen substantially since the reemergence of America as a major oil producer. The old rule-of thumb that a 10% fall in the oil price raises inflation-adjusted U.S. GDP by 0.2% is too large—the impact on economic activity should be closer to zero, and may even be negative if consumption grows slowly. The reasons for this change are straightforward, if underappreciated: (i) the value of oil production accounts for a larger share of the U.S. economy; and (ii) consumers are not spending the windfall like they used to because of higher debt levels, limited access to credit, slow wage rowth, and an older population.

As of August 2025, the average annual price of Brent crude oil stood at 71.3 U.S. dollars per barrel. This is over nine U.S. dollars lower than the 2024 average. Brent is the world's leading price benchmark for Atlantic basin crude oils. Crude oil is one of the most closely observed commodity prices as it influences costs across all stages of the production process and consequently alters the price of consumer goods as well. What determines crude oil benchmarks? In the past decade, crude oil prices have been especially volatile. Their inherent inelasticity regarding short-term changes in demand and supply means that oil prices are erratic by nature. However, since the 2009 financial crisis, many commercial developments have greatly contributed to price volatility, such as economic growth by BRIC countries like China and India, and the advent of hydraulic fracturing and horizontal drilling in the U.S. The outbreak of the coronavirus pandemic and the Russia-Ukraine war are examples of geopolitical events dictating prices. Light crude oils - Brent and WTI Brent Crude is considered a classification of sweet light crude oil and acts as a benchmark price for oil around the world. It is considered a sweet light crude oil due to its low sulfur content and low density and may be easily refined into gasoline. This oil originates in the North Sea and comprises several different oil blends, including Brent Blend and Ekofisk crude. Often, this crude oil is refined in Northwest Europe. Another sweet light oil often referenced alongside UK Brent is West Texas Intermediate (WTI). WTI oil prices amounted to 76.55 U.S. dollars per barrel in 2024.

One gallon of motor gasoline cost end users in the United States around 1.14 real U.S. dollars in 2024, down from 1.24 real U.S. dollars in the previous year. Figures in 2022 were impacted by that year's surge in crude oil prices, following supply restraints related to the Russia-Ukraine war. According to the source, real dollars have been adjusted for inflation. They reflect the purchasing power of a U.S. dollar relative to the period from 1982 to 1984.

Graph and download economic data for Producer Price Index by Commodity: Processed Foods and Feeds: Shortening, Cooking Oil, and Margarine (WPU0278) from Jan 1947 to Sep 2025 about cooks, fat, processed, oil, food, commodities, PPI, inflation, price index, indexes, price, and USA.

Graph and download economic data for Producer Price Index by Commodity: Fuels and Related Products and Power: Crude Petroleum (Domestic Production) (WPU056101) from Jul 1991 to Sep 2025 about petroleum, fuels, crude, domestic, commodities, PPI, inflation, price index, indexes, price, and USA.

The global fuel energy price index stood at 157.89 index points in September 2025, up from 100 in the base year 2016. Figures decreased that month due to a fall in natural gas prices. The fuel energy index includes prices for crude oil, natural gas, coal, and propane. Supply constraints across multiple commodities The global natural gas price index surged nearly 11-fold, and the global coal price index rose almost seven-fold from summer 2020 to summer 2022. This notable escalation was largely attributed to the Russia-Ukraine war, exerting increased pressure on the global supply chain. Tariffs bring economic uncertainty With the global economy having adjusted to the effects of the Russia-Ukraine war, new uncertainty has emerged due to tariffs imposed by the Trump administration. If these tariffs are fully implemented, global trade could be significantly disrupted, mainly the bilateral trade between the world’s two largest economies. In 2025, import tariffs between China and the United States exceeded 130 percent on both sides, while their tariffs on imports from the rest of the world were around 10 percent. U.S. tariffs on Chinese imported goods reached a high of 134.7 percent in April of that year, while China imposed a 147.6 percent tariff on U.S. goods. Early estimates indicate that the impact of Trump’s proposed tariffs on the U.S. economy could amount to 0.4 percent of GDP, mainly driven by the reduced trade with Mexico, Canada and China.

Graph and download economic data for Producer Price Index by Commodity: Fuels and Related Products and Power: Home Heating Oil and Distillates (WPU057302) from Jan 1975 to Sep 2025 about heating, fuels, oil, commodities, housing, PPI, inflation, price index, indexes, price, and USA.

Monthly average retail prices for gasoline and fuel oil for Canada, selected provincial cities, Whitehorse and Yellowknife. Prices are presented for the current month and previous four months. Includes fuel type and the price in cents per litre.

Graph and download economic data for Producer Price Index by Industry: Pipeline Transportation of Crude Oil (PCU486110486110) from Jun 1986 to Sep 2025 about pipeline, crude, oil, transportation, PPI, industry, inflation, price index, indexes, price, and USA.

Graph and download economic data for Producer Price Index by Commodity: Fuels and Related Products and Power: Lubricating Oil Base Stocks (WPU05780121) from Jun 2009 to Sep 2025 about lubricants, stocks, fuels, oil, commodities, PPI, inflation, price index, indexes, price, and USA.

Graph and download economic data for Producer Price Index by Industry: Oil and Gas Extraction (PCU21112111) from Dec 1985 to Sep 2025 about extraction, oil, gas, PPI, industry, inflation, price index, indexes, price, and USA.

Graph and download economic data for Producer Price Index by Commodity: Fuels and Related Products and Power: Residual Fuels (Heavy Fuel Oils, Including #5, #6, and Other Residual Fuels) (WPU0574) from Jan 1947 to Sep 2025 about residual, fuels, oil, commodities, PPI, inflation, price index, indexes, price, and USA.

Graph and download economic data for Producer Price Index by Industry: Petroleum Lubricating Oil and Grease Manufacturing: Secondary Products (PCU324191324191S) from Dec 1980 to Jun 2021 about lubricants, petroleum, secondary, oil, manufacturing, PPI, industry, inflation, price index, indexes, price, and USA.

Graph and download economic data for Producer Price Index by Commodity: Farm Products: Oilseeds (WPU0183) from Jan 1947 to Sep 2025 about oil, agriculture, commodities, PPI, inflation, price index, indexes, price, and USA.

Graph and download economic data for Producer Price Index by Industry: Petroleum Lubricating Oil and Grease Manufacturing: Lubricating Oils (Including Hydraulic Fluids, etc.), Refined Petroleum (PCU324191324191011) from Dec 1980 to Sep 2025 about refined, lubricants, petroleum, oil, manufacturing, PPI, industry, inflation, price index, indexes, price, and USA.

Graph and download economic data for Producer Price Index by Industry: Fats and Oils Refining and Blending: Shortening and Cooking Oils (PCU3112253112252) from Dec 1981 to Aug 2025 about cooks, refined, fat, oil, PPI, industry, inflation, price index, indexes, price, and USA.

Graph and download economic data for Producer Price Index by Commodity: Mining Services: Drilling Oil and Gas Wells Services (WPU601103) from Dec 1985 to Sep 2025 about wells, drilling, mining, oil, gas, services, commodities, PPI, inflation, price index, indexes, price, and USA.