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 May 2025 about fuels, oil, urban, consumer, CPI, inflation, price index, indexes, price, and USA.

Oil prices stabilize amid easing US inflation, with WTI crude trading just under $68 per barrel. Production adjustments are key in maintaining market balance.

As of May 2025, the average annual price of Brent crude oil stood at 72 U.S. dollars per barrel. This is some eight 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 a 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.

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.

The 2025 annual OPEC oil price stood at ***** U.S. dollars per barrel, as of May. 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.

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 Global price of Brent Crude (POILBREUSDM) from Jan 1990 to May 2025 about crude, oil, World, and price.

Graph and download economic data for Producer Price Index by Industry: Oil and Gas Extraction (PCU21112111) from Dec 1985 to May 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: Crude Petroleum (Domestic Production) (WPU0561) from Jan 1947 to May 2025 about petroleum, crude, fuels, domestic, commodities, PPI, inflation, price index, indexes, price, and USA.

Graph and download economic data for Consumer Price Index for All Urban Consumers: Gasoline (All Types) in Size Class A (CUURA000SETB01) from Dec 1986 to May 2025 about gas, urban, consumer, CPI, inflation, price index, indexes, price, and USA.

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 May 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: Lubricating Oil Base Stocks (WPU05780121) from Jun 2009 to May 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: Pipeline Transportation of Crude Oil: Primary Services (PCU486110486110P) from Jun 1986 to May 2025 about pipeline, crude, primary, oil, transportation, services, 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) (WPU05740703) from Jun 2002 to May 2025 about residual, fuels, oil, 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: Home Heating Oil and Distillates (WPS057302) from Jan 1975 to May 2025 about heating, fuels, oil, commodities, housing, PPI, inflation, price index, indexes, price, and USA.

Graph and download economic data for Consumer Price Index for All Urban Consumers: Gasoline, Unleaded Premium in Size Class B/C (CUUSX000SS47016) from H1 1998 to H2 2024 about unleaded premium, gas, urban, consumer, CPI, 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 (WPU60110301) from Jul 1991 to May 2025 about wells, drilling, oil, mining, gas, services, commodities, PPI, inflation, price index, indexes, price, and USA.

Graph and download economic data for Producer Price Index by Industry: Crude Petroleum and Natural Gas Extraction: Natural Gas (from the Wellhead) (PCU2111112111113) from Dec 1975 to Jan 2025 about extraction, petroleum, crude, gas, PPI, industry, inflation, price index, indexes, price, and USA.

Graph and download economic data for Producer Price Index by Industry: Petroleum Lubricating Oil and Grease Manufacturing: Miscellaneous Receipts (PCU324191324191M) from Dec 1980 to May 2025 about lubricants, petroleum, miscellaneous, receipts, oil, manufacturing, PPI, industry, inflation, price index, indexes, price, and USA.