Oil prices historical data chart

We have been hearing a lot of volatility about the oil prices. The opposing predictions are coming to the fore.

Some “experts” say that oil prices will shoot upto to $200 per barrel. Others say that oild prices will come down to $90 to $100 range by the end of thins year. Then there are those intermediaries who always maintain a middle view. They say that oil MAY touch $200 a barrel before cooling off to the range of $90 to $100 range. Who has seen the future of oil prices?

But how have the oil prices figured in the past? Have they consistently increased? Wikipedia provides an answer.

Here is a historical chart displaying the prices of oil per barrel over a really long period of time – from 1861 to 2007. Though the chart limits itself to 2007, but we all know that oil prices have been trading in the range of $130 per barrel presently.



So what can be concluded for the future? I don’t know, but look at the graph above. Every sharp increase in the oil prices is followed by a decline. The case of 1973 to 1986 is a 13 year long horizon. People who have seen the oil prices during these times have witnessed the problems with oil.
During this period, US imposed several restrictions for selling its limited capacity of oil. Like vehicles with odd number registration plates will get oil only on odd dates, and vice versa. A limit was set on the amount of oil one can buy. Both European and US motor industry took the hit during the oil crisis and small, compact cars with high fuel economy were introduced to the markets. This was the time when US motor giant like Chevrolet and GM booked major losses, as their vehicles were major gas consumers and low on fuel efficiency. That was the period when Toyota and Honda from Japan took over the US motor markets with their fuel efficient cars.

Critics also say that this period led to the foundation of the Gulf War and invasion of Iraq, to get major control over the oil rich Iraq, so as to remove the oil dependency. No one knows how oild prices will perform in the coming times.

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