In 2008, a barrel of oil reached a high point of $99.67.
Understanding Oil Price Trends
The price of crude oil has seen significant fluctuations over the decades. During the 1990s, the cost per barrel remained relatively stable, typically hovering near $20.
However, after the turn of the century, oil prices began to increase noticeably. This upward trend culminated in a peak in 2008.
Key Price Points
Here's a snapshot of the oil price in 2008 within a broader historical context:
Period | Price per Barrel (Approx.) |
---|---|
1990s | Near $20 |
Early 2000s | Increasing trend |
2008 (High Point) | $99.67 |
Since reaching this high point in 2008, the price per barrel has continued to fluctuate, though often at levels higher than those seen in the 1990s. These changes are influenced by various global economic, geopolitical, and supply-demand factors.