Oil Price Chart Since 1990

Doesn't it seem like forever ago that oil was in the mid $60s? Those were the days... Fergie's "Big Girls Don't Cry" topped the charts, LeBron James and the Cleveland Cavs were locked in an unforgettable series with the Detroit Pistons, and News Corp was in a battle to buy Dow Jones. It all happened just one year ago.

Below we highlight a chart of oil since 1990 with various price points included. It would be hard to draw a more vertical line since oil hit a low of $50.48 in January 2007.

click to enlarge

Comments

[TA:]

Bubble? What bubble? Don't all sustainable charts start off parabolic?

2008 May 21 05:32 PM

[richjoy:]

$134+ tonight--The bubble will soon burst! (And if you doubt it, just notice that the various oil stocks are falling in the face of rising barrel prices.)

So oil falls to $110...$100...$90.

It won't be long before oil starts up again; it's still about supply and demand; and unfortunately, only demand is rising.

Interesting story in today's WSJ on synthetic oil and the Air Force taking the lead in testing. As it is profitable at $55/barrel, let's get going on commercial production.

2008 May 21 08:04 PM

[Eric Fox:]

Iraq could have largest oil reserves in the world.

"Iraq dramatically increased the official size of its oil reserves yesterday after new data suggested that they could exceed Saudi Arabia’s and be the largest in the world. The Iraqi Deputy Prime Minister told The Times that new exploration showed that his country has the world’s largest proven oil reserves, with as much as 350 billion barrels. The figure is triple the country’s present proven reserves and exceeds that of Saudi Arabia’s estimated 264 billion barrels of oil. Barham Salih said that the new estimate had been based on recent geological surveys and seismic data compiled by “reputable, international oil companies . . . This is a serious figure from credible sources.”

2008 May 21 09:01 PM

[CLH:]

As oil goes up demand will go down. Thats the way the market works. I know when its going bananas, no one beleives it.

The last time this happened (early 1980s), oil went down to $8. No it wont go down that much but everyone will be surpised at how low it will go.

2008 May 21 10:12 PM

[techzone12:]

Ok. From the chart someone can conclude that it has to do with the start of the Iraq war. We know that demand is outpacing supply, but this fact didn't change overnight. I have read a lot of articles that said that the price of a barrel will never be able to cross $100.
To me it seems like political uncertainties (more to come) have contributed to the sky-rocketing trend. But for now I am predicting the the price will drop right before the november elections. People have short memory.

2008 May 22 11:05 AM