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 (CUUR0000SEHE) from Mar 1935 to Sep 2025 about fuels, oil, urban, consumer, CPI, inflation, price index, indexes, price, and USA.

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 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.

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: Lubricating Oil Base Stocks (WPU0578) from Jun 2009 to Aug 2025 about lubricants, stocks, fuels, oil, commodities, PPI, inflation, price index, indexes, price, and USA.

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 (WPU027801) from Jul 1991 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: Home Heating Oil and Distillates (WPU05730201) from Feb 1973 to Sep 2025 about heating, fuels, oil, commodities, housing, PPI, inflation, price index, indexes, price, and USA.

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: 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.

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.

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 Industry: Drilling Oil and Gas Wells: Drilling Oil, Gas, Dry, or Service Wells (DISCONTINUED) (PCU21311121311101) from Dec 1985 to Dec 2017 about wells, drilling, oil, gas, services, PPI, industry, inflation, price index, indexes, price, and USA.

Graph and download economic data for Consumer Price Index for All Urban Consumers: Gasoline (All Types) in U.S. City Average (CUSR0000SETB01) from Jan 1967 to Sep 2025 about gas, urban, consumer, CPI, 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: Support Activities for Oil and Gas Operations (PCU213112213112) from Dec 1985 to Aug 2025 about support activities, operating, oil, gas, PPI, industry, inflation, price index, indexes, price, and USA.

Graph and download economic data for Producer Price Index by Commodity: Farm Products: Hay, Hayseeds, and Oilseeds (WPU018) from Jan 1926 to Sep 2025 about oil, agriculture, commodities, PPI, inflation, price index, indexes, price, and USA.

Graph and download economic data for Consumer Price Index for All Urban Wage Earners and Clerical Workers: Fuel Oil and Other Fuels in U.S. City Average (CWSR0000SEHE) from Jan 1947 to Sep 2025 about clerical workers, fuels, oil, urban, wages, CPI, inflation, price index, indexes, price, and USA.

Graph and download economic data for Producer Price Index by Industry: Petroleum Refineries: Unfinished Oils and Lubricating Oil Base Stock (PCU324110324110J) from Jun 1985 to Sep 2025 about refineries, lubricants, petroleum, stocks, oil, PPI, industry, inflation, price index, indexes, price, and USA.