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In 2012, the total value of the crude in the SPR was approximately $43.5 billion, while the price paid for the oil was $20.1 billion (an average of $28.42 per barrel). [7] Since 2015 Congress has mandated sales of oil from the reserve to fund federal spending.
The price of oil quadrupled by 1974 from US$3 to nearly US$12 per 42 gallon barrel ($75 per cubic meter), equivalent in 2018 dollars to a price rise from $17 to $61 per barrel. [4] Saudi Arabia had 25% of the world's oil, but only 4% of the oil used in the United States in 1973 came from the kingdom. [ 72 ]
The price of crude oil in 2003 traded in a range between $20–$30/bbl. [17] Between 2003 and July 2008, prices steadily rose, reaching $100/bbl in late 2007, coming close to the previous inflation-adjusted peak set in 1980.
One of the best ways to assure that the American consumer has more money to spend is have a significant decline in the price of crude oil. After trading up to $110 back in the spring, West Texas ...
The price on NYMEX has been above US$50 per barrel since March 5, 2005. In June 2005, crude oil prices broke the psychological barrier of $60 per barrel. From 2005 onwards, the price elasticity of the crude oil market changed significantly. Before 2005 a small increase in oil price lead to an noticeable expansion of the production volume.
The budget is based on an oil price of $85 per barrel. The value of the US dollar is estimated at IRR 12,260 for the same period. [124] According to the head of the Department of Statistics of Iran, if the rules of budgeting were observed the government could save at least 30 to 35% on its expenses. [125]
The mere anticipation of production going materially higher could cause oil prices to "fall at least 10% if not closer to 20%" to the $70 or high-$60s per barrel level, said the analyst.
The price of oil rose to $77 per barrel on 24 June 2010 as a cyclone begins to form in the south western Caribbean. [55] The price for July 2010 was about $84–$90 per barrel of crude oil. Oil prices ended the year at $101.80, falling to $100.01 per barrel on 30 and 31 January 2011.