Slide 3 of 19
Notes:
- Despite more than a doubling of average world crude oil prices from 1998 to 2000, prices remain well below the peaks seen in the early 1980’s, both on a nominal and a real (constant dollar) basis.
- The average world crude oil price (represented by the average price paid by U.S. refiners for foreign crude oil) in 2000 is estimated by EIA at $27.86 per barrel. By comparison, the peak annual average world price was $37.05 per barrel in 1981, equivalent to $59.40 per barrel in 1999 dollars.