Historical Crude Oil Prices (Table)

Crude oil prices have experienced dramatic booms and busts over the past century, reflecting wars, economic cycles, OPEC policy changes, technological advances, and shifts in global demand. The table below provides historical crude oil prices by year, along with inflation-adjusted oil prices, allowing you to compare the real cost of oil across decades. By adjusting prices using the Consumer Price Index (CPI), we can see how today’s oil prices compare with major historical spikes such as the late-1970s oil crisis and the 2008 oil price surge. Looking at crude oil prices in both nominal dollars and real (inflation-adjusted) terms provides a clearer picture of long-term trends in energy costs and the true economic impact of oil price shocks.

Key Takeaways:

• Crude oil prices are highly cyclical, with major spikes tied to geopolitical events, supply disruptions, and global economic booms.
• Inflation-adjusted oil prices provide a clearer historical comparison, showing the true purchasing-power cost of oil across decades.
• Some of the highest real oil prices occurred during the 1970s oil crisis and the 2008 commodity boom.
• Looking at oil prices in both nominal and real dollars helps reveal long-term trends that raw price data alone can hide.
• The table below allows you to compare historical crude oil prices year-by-year, making it easier to understand how current prices stack up against past peaks and lows.

In February 2026, WTI Crude Averaged $57.53
well below the $107.12 peak in June of 2022

But the average March 2026 price will be much higher due to the Iran war.

Oil Prices 1946-Present

The first table shows the Annual Average Crude Oil Price from 1946 to the present. Prices are adjusted for Inflation to December 2022 prices using the Consumer Price Index (CPI-U) as presented by the Bureau of Labor Statistics.

Note: This first table presents ANNUAL Average prices, they will not show the absolute peak price and will differ slightly from the Monthly Averages in our Oil Price Data in Chart Form.

Annual Average Crude Oil Prices

The second table presents the Monthly Average crude oil prices for Illinois Sweet Crude plus their inflation-adjusted prices.

Inflation-adjusted oil prices reached an all-time low in 1998 (lower than the price in 1946)! And then just ten years later, in June 2008, Oil prices were at an all-time monthly high for crude oil (above the 1979-1980 prices) in real inflation-adjusted terms (although not quite on an annual basis).

Prices are based on historical free market (stripper) oil prices of Illinois Crude as presented by Illinois Oil and Gas Association and Plains All American Oil. Typically Illinois Crude is a couple of dollars cheaper per barrel than West Texas Intermediate (WTI) because it requires a bit more refining.

Price-controlled prices were lower during the 1970s but resulted in artificially created gas lines and shortages, and do not reflect the true free market price. Stripper prices were allowed for individual wells under special circumstances (i.e., the wells were at the end of their life cycle), but the oil they produced represented the actual free-market prices of the time.

Monthly Average Domestic Crude Oil Prices