FACTBOX: Oil at $100 nears inflation-adjusted high

Wed Feb 20, 2008 7:06am EST
 
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(Reuters) - U.S. oil surged to a nominal all-time high of $100.10 a barrel on February 19.

That is just below the $101.70 peak, adjusted for inflation, hit in April 1980 -- a year after the Iranian revolution, according to the International Energy Agency.

The following table from the BP Statistical Review picks out key moments in oil market history. It gives average annual dollar-denominated oil prices in money of the day and the equivalent price in 2006 money. Prices are in dollars a barrel.

Year Money of Inflation

the day adjusted

1864 - Pennsylvania oil boom 8.06 104.35

1876 - Russian oil exports start 2.56 48.64

1948 - Rebuilding post World War Two 1.99 16.74

1974 - Arab oil embargo 11.58 47.54

1979 - Iranian revolution 31.61 88.13

1980 - Iran-Iraq war starts 36.83 90.46

1990 - Iraq's invasion of Kuwait 23.73 36.76

1998 - Asian economic crisis 12.72 16.22

2003 - China 2nd biggest oil consumer 38.27 40.83 *2008 average 92.86 92.86

NOTE:

1861-1944 - U.S. average  Continued...

 

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