Oil hits inflation-adjusted record high

(Reuters) – U.S. oil surged to a new inflation-adjusted record high on Thursday, surpassing the previous record of $102.53 set in 1980, according to the International Energy Agency.The following table from the BP Statistical Review of Energy picks out key moments in oil market history. It gives average annual dollar-denominated oil prices in money of the day and the equivalent price in 2006 money. Prices are in dollars a barrel:

Year Money of Inflation

the day adjusted

1876 – Russian oil exports start 2.56 48.64

1948 – Rebuilding post World War Two 1.99 16.74

1974 – Arab oil embargo 11.58 47.54

1979 – Iranian revolution 31.61 88.13

1980 – Iran-Iraq war starts 36.83 90.46

1990 – Iraq’s invasion of Kuwait 23.73 36.76

1998 – Asian economic crisis 12.72 16.22

2003 – China 2nd biggest oil consumer 38.27 40.83 *2008 average 93.90 93.90

NOTE:

1861-1944 – U.S. average

1945-1983 – Arabian Light posted at Ras Tanura

1984-present day – Brent dated

*2008 U.S. crude

Source: BP Statistical Review of World Energy June 2007

Thu Feb 28, 2008 2:41pm EST

Source: Reuters

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