Without that black sticky stuff, our industrial world would be very different and our world would arguably be a greener planet. Personally, I think burning coal to generate power is far worse than burning fossil fuel. Crude oil has been the single commodity responsible for the rise of the modern Arabs nation. And to think that the Saudis initially thought foreigners were crazy looking & drilling for that black stuff when, understandably so to the Arab’s, they should have been drilling and looking for much more precious water which is absolutely essential in a desert world.
In monetary value of the day, price per barrel of crude oil ranges from USD0.49 back in 1861 to USD117.09 in 2011. However, in terms of 2014 monetary value, crude oil was actually highest in 1864 at USD121.50 per barrel. Actual historical price per barrel of crude defers on various sites but generally are right around these figures.
Alright, that’s a very brief summary of crude oil prices! Now we go to what I think would be the direction of crude oil in our present & near future.
Why did oil lose so much value in so short a time period?