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Crude Oil Prices 180
Adj. Domestic Crude
World Crude Oil Prices - 1959 to 2006 Inflation Adjusted for 2005 M3
1981 President Reagan abolishes oil price controls
M3 12,000
160
Adj. World Crude Avg Nominal World Crude
10,000
140
M3 Adj. World Crude Trend
120
1980 Iran-Iraq War begins 1985 Saudis abandon "swing producer" role
8,000
100
6,000 80 1979 Iranian revolution; Shah deposed
60
1990 Iraq invades Kuwait
40 1973 Arab oil embargo 1973 US price controls 20 1991 Gulf War
1999 OPEC cutbacks
2003 Iraq War begins
4,000
2,000 2001 9/11 attacks
0
1997 Asian economic crisis
0
1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006