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.

Recent Crude Price Action

In May 2026, WTI Crude Averaged $102.13
well above February’s $64.51
But still below the $107.12 peak in June of 2022

The War in Iran has created massive volatility in crude oil prices since March of 2026. Prices have spiked as high as they were in June 2022 on an inflation-adjusted basis. And then the next day they might be back down to $85 a barrel.

Page Contents:

Key Takeaways:
Recent Crude Price Action
Oil Prices 1946-Present
Annual Average Crude Oil Prices
Inflation-Adjusted Crude Oil Prices
Monthly Crude Prices
Strategic Petroleum Reserve
U.S. Ending Stocks of Crude Oil in SPR (Million Barrels)

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

Year	Nominal Price	Inflation Adjusted Price
1946	$1.63	$26.86
1947	$2.16	$31.57
1948	$2.77	$37.66
1949	$2.77	$38.02
1950	$2.77	$37.63
1951	$2.77	$34.88
1952	$2.77	$34.10
1953	$2.92	$35.59
1954	$2.99	$36.39
1955	$2.93	$35.70
1956	$2.94	$35.37
1957	$3.14	$36.50
1958	$3.00	$33.97
1959	$3.00	$33.63
1960	$2.91	$32.19
1961	$2.85	$31.16
1962	$2.85	$30.79
1963	$2.91	$31.08
1964	$3.00	$31.61
1965	$3.01	$31.20
1966	$3.10	$31.21
1967	$3.12	$30.57
1968	$3.18	$29.83
1969	$3.32	$29.59
1970	$3.39	$28.55
1971	$3.60	$29.06
1972	$3.60	$28.14
1973	$4.75	$34.68
1974	$9.35	$61.87
1975	$12.21	$74.10
1976	$13.10	$75.24
1977	$14.40	$77.61
1978	$14.95	$74.94
1979	$25.10	$111.95
1980	$37.42	$148.58
1981	$35.75	$128.67
1982	$31.83	$107.86
1983	$29.08	$95.44
1984	$28.75	$90.46
1985	$26.92	$81.78
1986	$14.44	$43.03
1987	$17.75	$51.05
1988	$14.87	$41.15
1989	$18.33	$48.30
1990	$23.19	$57.83
1991	$20.20	$48.47
1992	$19.25	$44.83
1993	$16.75	$37.91
1994	$15.66	$34.52
1995	$16.75	$35.93
1996	$20.46	$42.60
1997	$18.64	$37.96
1998	$11.91	$23.89
1999	$16.56	$32.41
2000	$27.39	$51.96
2001	$23.00	$42.47
2002	$22.81	$41.41
2003	$27.69	$49.20
2004	$37.66	$65.10
2005	$50.04	$83.65
2006	$58.30	$94.48
2007	$64.20	$101.00
2008	$91.48	$138.39
2009	$53.48	$81.31
2010	$71.21	$106.71
2011	$87.04	$126.46
2012	$86.46	$123.08
2013	$91.17	$127.88
2014	$85.60	$118.11
2015	$41.85	$57.70
2016	$36.34	$49.42
2017	$43.97	$58.61
2018	$57.77	$75.17
2019	$50.01	$63.92
2020	$32.25	$40.68
2021	$60.84	$73.23
2022	$87.40	$97.65
2023	$70.60	$75.70
2024	$68.78	$71.67
2025	$57.87	$58.73
2026	$55.29	$55.41

Generated by wpDataTables

The second table presents the Monthly Average crude oil prices for West Texas Intermediate (WTI) 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.

Inflation-Adjusted Crude Oil Prices

Data Source: U.S. Energy Information Administration via FRED®

Monthly Crude Prices

Sort	Month	Year	Nominal Crude Price	Inf Adj Price
1	Jan	1986	22.93	70.11
2	Feb	1986	15.45	47.37
3	Mar	1986	12.61	38.84
4	Apr	1986	12.84	39.62
5	May	1986	15.38	47.33
6	Jun	1986	13.43	41.10
7	Jul	1986	11.58	35.44
8	Aug	1986	15.10	46.13
9	Sep	1986	14.87	45.22
10	Oct	1986	14.90	45.27
11	Nov	1986	15.22	46.20
12	Dec	1986	16.11	48.86
13	Jan	1987	18.65	56.21
14	Feb	1987	17.75	53.30
15	Mar	1987	18.30	54.71
16	Apr	1987	18.68	55.55
17	May	1987	19.44	57.60
18	Jun	1987	20.07	59.26
19	Jul	1987	21.34	62.84
20	Aug	1987	20.31	59.50
21	Sep	1987	19.53	56.91
22	Oct	1987	19.86	57.72
23	Nov	1987	18.85	54.74
24	Dec	1987	17.27	50.15
25	Jan	1988	17.13	49.62
26	Feb	1988	16.80	48.54
27	Mar	1988	16.20	46.60
28	Apr	1988	17.86	51.11
29	May	1988	17.42	49.68
30	Jun	1988	16.53	46.95
31	Jul	1988	15.50	43.83
32	Aug	1988	15.52	43.71
33	Sep	1988	14.54	40.67
34	Oct	1988	13.77	38.39
35	Nov	1988	14.14	39.39
36	Dec	1988	16.38	45.55
37	Jan	1989	18.02	49.87
38	Feb	1989	17.94	49.44
39	Mar	1989	19.48	53.38
40	Apr	1989	21.07	57.36
41	May	1989	20.12	54.46
42	Jun	1989	20.05	54.14
43	Jul	1989	19.78	53.29
44	Aug	1989	18.58	49.97
45	Sep	1989	19.59	52.52
46	Oct	1989	20.10	53.63
47	Nov	1989	19.86	52.86
48	Dec	1989	21.10	56.08
49	Jan	1990	22.86	60.13
50	Feb	1990	22.11	57.89
51	Mar	1990	20.39	53.09
52	Apr	1990	18.43	47.92
53	May	1990	18.20	47.21
54	Jun	1990	16.70	43.08
55	Jul	1990	18.45	47.42
56	Aug	1990	27.31	69.55
57	Sep	1990	33.51	84.63
58	Oct	1990	36.04	90.47
59	Nov	1990	32.33	80.98
60	Dec	1990	27.28	68.33
61	Jan	1991	25.23	62.82
62	Feb	1991	20.48	50.91
63	Mar	1991	19.90	49.40
64	Apr	1991	20.83	51.63
65	May	1991	21.23	52.47
66	Jun	1991	20.19	49.75
67	Jul	1991	21.40	52.66
68	Aug	1991	21.69	53.21
69	Sep	1991	21.89	53.47
70	Oct	1991	23.23	56.66
71	Nov	1991	22.46	54.62
72	Dec	1991	19.50	47.39
73	Jan	1992	18.79	45.60
74	Feb	1992	19.01	45.96
75	Mar	1992	18.92	45.52
76	Apr	1992	20.23	48.60
77	May	1992	20.98	50.33
78	Jun	1992	22.38	53.50
79	Jul	1992	21.78	51.95
80	Aug	1992	21.34	50.76
81	Sep	1992	21.88	51.89
82	Oct	1992	21.69	51.26
83	Nov	1992	20.34	48.00
84	Dec	1992	19.41	45.84
85	Jan	1993	19.03	44.72
86	Feb	1993	20.09	47.05
87	Mar	1993	20.32	47.42
88	Apr	1993	20.25	47.13
89	May	1993	19.95	46.36
90	Jun	1993	19.09	44.30
91	Jul	1993	17.89	41.52
92	Aug	1993	18.01	41.68
93	Sep	1993	17.50	40.42
94	Oct	1993	18.15	41.75
95	Nov	1993	16.61	38.18
96	Dec	1993	14.51	33.35
97	Jan	1994	15.03	34.45
98	Feb	1994	14.78	33.76
99	Mar	1994	14.68	33.42
100	Apr	1994	16.42	37.33
101	May	1994	17.89	40.65
102	Jun	1994	19.06	43.16
103	Jul	1994	19.65	44.37
104	Aug	1994	18.38	41.34
105	Sep	1994	17.45	39.14
106	Oct	1994	17.72	39.72
107	Nov	1994	18.07	40.45
108	Dec	1994	17.16	38.41
109	Jan	1995	18.04	40.22
110	Feb	1995	18.57	41.24
111	Mar	1995	18.54	41.04
112	Apr	1995	19.90	43.90
113	May	1995	19.74	43.46
114	Jun	1995	18.45	40.54
115	Jul	1995	17.33	38.08
116	Aug	1995	18.02	39.50
117	Sep	1995	18.23	39.88
118	Oct	1995	17.43	38.00
119	Nov	1995	17.99	39.25
120	Dec	1995	19.03	41.55
121	Jan	1996	18.85	40.91
122	Feb	1996	19.09	41.30
123	Mar	1996	21.33	45.91
124	Apr	1996	23.50	50.39
125	May	1996	21.17	45.30
126	Jun	1996	20.42	43.67
127	Jul	1996	21.30	45.47
128	Aug	1996	21.90	46.66
129	Sep	1996	23.97	50.91
130	Oct	1996	24.88	52.67
131	Nov	1996	23.71	50.10
132	Dec	1996	25.23	53.31
133	Jan	1997	25.13	52.93
134	Feb	1997	22.18	46.57
135	Mar	1997	20.97	43.92
136	Apr	1997	19.70	41.21
137	May	1997	20.82	43.58
138	Jun	1997	19.26	40.26
139	Jul	1997	19.66	41.05
140	Aug	1997	19.95	41.58
141	Sep	1997	19.80	41.16
142	Oct	1997	21.33	44.23
143	Nov	1997	20.19	41.90
144	Dec	1997	18.33	38.08
145	Jan	1998	16.72	34.67
146	Feb	1998	16.06	33.24
147	Mar	1998	15.12	31.24
148	Apr	1998	15.35	31.66
149	May	1998	14.91	30.69
150	Jun	1998	13.72	28.21
151	Jul	1998	14.17	29.10
152	Aug	1998	13.47	27.63
153	Sep	1998	15.03	30.79
154	Oct	1998	14.46	29.55
155	Nov	1998	13.00	26.56
156	Dec	1998	11.35	23.21
157	Jan	1999	12.51	25.52
158	Feb	1999	12.01	24.47
159	Mar	1999	14.68	29.82
160	Apr	1999	17.31	34.90
161	May	1999	17.72	35.73
162	Jun	1999	17.92	36.13
163	Jul	1999	20.10	40.41
164	Aug	1999	21.28	42.68
165	Sep	1999	23.80	47.50
166	Oct	1999	22.69	45.21
167	Nov	1999	25.00	49.78
168	Dec	1999	26.10	51.97
169	Jan	2000	27.26	54.12
170	Feb	2000	29.37	57.97
171	Mar	2000	29.84	58.41
172	Apr	2000	25.72	50.32
173	May	2000	28.79	56.26
174	Jun	2000	31.82	61.85
175	Jul	2000	29.70	57.60
176	Aug	2000	31.26	60.62
177	Sep	2000	33.88	65.37
178	Oct	2000	33.11	63.77
179	Nov	2000	34.42	66.25
180	Dec	2000	28.44	54.78
181	Jan	2001	29.59	56.63
182	Feb	2001	29.61	56.44
183	Mar	2001	27.24	51.81
184	Apr	2001	27.49	52.08
185	May	2001	28.63	53.99
186	Jun	2001	27.60	51.96
187	Jul	2001	26.42	49.88
188	Aug	2001	27.37	51.68
189	Sep	2001	26.20	49.24
190	Oct	2001	22.17	41.81
191	Nov	2001	19.64	37.10
192	Dec	2001	19.39	36.77
193	Jan	2002	19.71	37.30
194	Feb	2002	20.72	39.05
195	Mar	2002	24.53	45.98
196	Apr	2002	26.18	48.80
197	May	2002	27.04	50.40
198	Jun	2002	25.52	47.54
199	Jul	2002	26.97	50.18
200	Aug	2002	28.39	52.65
201	Sep	2002	29.66	54.92
202	Oct	2002	28.84	53.31
203	Nov	2002	26.35	48.71
204	Dec	2002	29.46	54.58
205	Jan	2003	32.95	60.77
206	Feb	2003	35.83	65.58
207	Mar	2003	33.51	60.97
208	Apr	2003	28.17	51.36
209	May	2003	28.11	51.34
210	Jun	2003	30.66	55.93
211	Jul	2003	30.75	56.04
212	Aug	2003	31.57	57.31
213	Sep	2003	28.31	51.23
214	Oct	2003	30.34	54.96
215	Nov	2003	31.11	56.51
216	Dec	2003	32.13	58.42
217	Jan	2004	34.31	62.08
218	Feb	2004	34.68	62.42
219	Mar	2004	36.74	65.70
220	Apr	2004	36.75	65.51
221	May	2004	40.28	71.38
222	Jun	2004	38.03	67.18
223	Jul	2004	40.78	72.16
224	Aug	2004	44.90	79.40
225	Sep	2004	45.94	81.07
226	Oct	2004	53.28	93.53
227	Nov	2004	48.47	85.04
228	Dec	2004	43.15	75.99
229	Jan	2005	46.84	82.31
230	Feb	2005	48.15	84.13
231	Mar	2005	54.19	93.95
232	Apr	2005	52.98	91.24
233	May	2005	49.83	85.90
234	Jun	2005	56.35	97.09
235	Jul	2005	59.00	101.19
236	Aug	2005	64.99	110.89
237	Sep	2005	65.59	110.57
238	Oct	2005	62.26	104.74
239	Nov	2005	58.32	98.91
240	Dec	2005	59.41	101.17
241	Jan	2006	65.49	110.68
242	Feb	2006	61.63	103.94
243	Mar	2006	62.69	105.15
244	Apr	2006	69.44	115.49
245	May	2006	70.84	117.24
246	Jun	2006	70.95	117.19
247	Jul	2006	74.41	122.54
248	Aug	2006	73.04	120.05
249	Sep	2006	63.80	105.38
250	Oct	2006	58.89	97.80
251	Nov	2006	59.08	98.26
252	Dec	2006	61.96	102.90
253	Jan	2007	54.51	90.25
254	Feb	2007	59.28	97.62
255	Mar	2007	60.44	98.63
256	Apr	2007	63.98	103.74
257	May	2007	63.45	102.25
258	Jun	2007	67.49	108.55
259	Jul	2007	74.12	119.25
260	Aug	2007	72.36	116.63
261	Sep	2007	79.91	128.45
262	Oct	2007	85.80	137.62
263	Nov	2007	94.77	151.11
264	Dec	2007	91.69	146.30
265	Jan	2008	92.97	147.60
266	Feb	2008	95.39	151.01
267	Mar	2008	105.45	165.50
268	Apr	2008	112.58	175.62
269	May	2008	125.40	193.99
270	Jun	2008	133.88	205.04
271	Jul	2008	133.37	203.20
272	Aug	2008	116.67	178.46
273	Sep	2008	104.11	159.47
274	Oct	2008	76.61	118.55
275	Nov	2008	57.31	90.41
276	Dec	2008	41.12	65.55
277	Jan	2009	41.71	66.20
278	Feb	2009	39.09	61.74
279	Mar	2009	47.94	75.53
280	Apr	2009	49.65	78.03
281	May	2009	59.03	92.50
282	Jun	2009	69.64	108.20
283	Jul	2009	64.15	99.83
284	Aug	2009	71.04	110.30
285	Sep	2009	69.41	107.70
286	Oct	2009	75.72	117.38
287	Nov	2009	77.99	120.82
288	Dec	2009	74.47	115.57
289	Jan	2010	78.33	121.14
290	Feb	2010	76.39	118.11
291	Mar	2010	81.20	125.04
292	Apr	2010	84.29	129.57
293	May	2010	73.74	113.27
294	Jun	2010	75.34	115.84
295	Jul	2010	76.32	117.32
296	Aug	2010	76.60	117.59
297	Sep	2010	75.24	115.43
298	Oct	2010	81.89	125.48
299	Nov	2010	84.25	129.04
300	Dec	2010	89.15	136.31
301	Jan	2011	89.17	135.69
302	Feb	2011	88.58	134.13
303	Mar	2011	102.86	154.25
304	Apr	2011	109.53	163.21
305	May	2011	100.90	149.64
306	Jun	2011	96.26	142.91
307	Jul	2011	97.30	144.33
308	Aug	2011	86.33	127.71
309	Sep	2011	85.52	126.32
310	Oct	2011	86.32	127.76
311	Nov	2011	97.16	143.93
312	Dec	2011	98.56	146.36
313	Jan	2012	100.27	148.25
314	Feb	2012	102.20	150.44
315	Mar	2012	106.16	155.09
316	Apr	2012	103.32	150.49
317	May	2012	94.65	138.02
318	Jun	2012	82.30	120.19
319	Jul	2012	87.90	128.58
320	Aug	2012	94.13	136.93
321	Sep	2012	94.51	136.87
322	Oct	2012	89.49	129.65
323	Nov	2012	86.53	125.96
324	Dec	2012	87.86	128.24
325	Jan	2013	94.76	137.90
326	Feb	2013	95.31	137.58
327	Mar	2013	92.94	133.81
328	Apr	2013	92.02	132.62
329	May	2013	94.51	135.97
330	Jun	2013	95.77	137.45
331	Jul	2013	104.67	150.16
332	Aug	2013	106.57	152.70
333	Sep	2013	106.29	152.13
334	Oct	2013	100.54	144.27
335	Nov	2013	93.86	134.96
336	Dec	2013	97.63	140.39
337	Jan	2014	94.62	135.56
338	Feb	2014	100.82	143.91
339	Mar	2014	100.80	142.96
340	Apr	2014	102.07	144.29
341	May	2014	102.18	143.94
342	Jun	2014	105.79	148.75
343	Jul	2014	103.59	145.71
344	Aug	2014	96.54	136.02
345	Sep	2014	93.21	131.23
346	Oct	2014	84.40	119.13
347	Nov	2014	75.79	107.55
348	Dec	2014	59.29	84.62
349	Jan	2015	47.22	67.71
350	Feb	2015	50.58	72.22
351	Mar	2015	47.82	67.87
352	Apr	2015	54.45	77.12
353	May	2015	59.27	83.53
354	Jun	2015	59.82	84.01
355	Jul	2015	50.90	71.47
356	Aug	2015	42.87	60.28
357	Sep	2015	45.48	64.05
358	Oct	2015	46.22	65.13
359	Nov	2015	42.44	59.93
360	Dec	2015	37.19	52.69
361	Jan	2016	31.68	44.81
362	Feb	2016	30.32	42.85
363	Mar	2016	37.55	52.84
364	Apr	2016	40.76	57.09
365	May	2016	46.71	65.16
366	Jun	2016	48.76	67.79
367	Jul	2016	44.65	62.18
368	Aug	2016	44.72	62.22
369	Sep	2016	45.18	62.71
370	Oct	2016	49.78	69.01
371	Nov	2016	45.66	63.40
372	Dec	2016	51.97	72.14
373	Jan	2017	52.50	72.45
374	Feb	2017	53.47	73.56
375	Mar	2017	49.33	67.81
376	Apr	2017	51.06	69.98
377	May	2017	48.48	66.39
378	Jun	2017	45.18	61.81
379	Jul	2017	46.63	63.84
380	Aug	2017	48.04	65.57
381	Sep	2017	49.82	67.64
382	Oct	2017	51.58	70.08
383	Nov	2017	56.64	76.95
384	Dec	2017	57.88	78.68
385	Jan	2018	63.70	86.12
386	Feb	2018	62.23	83.76
387	Mar	2018	62.72	84.23
388	Apr	2018	66.25	88.61
389	May	2018	69.98	93.22
390	Jun	2018	67.87	90.26
391	Jul	2018	70.98	94.39
392	Aug	2018	68.06	90.46
393	Sep	2018	70.23	93.23
394	Oct	2018	70.75	93.76
395	Nov	2018	56.96	75.74
396	Dec	2018	49.52	66.06
397	Jan	2019	51.38	68.41
398	Feb	2019	54.95	72.85
399	Mar	2019	58.15	76.66
400	Apr	2019	63.86	83.75
401	May	2019	60.83	79.60
402	Jun	2019	54.66	71.51
403	Jul	2019	57.36	74.92
404	Aug	2019	54.81	71.59
405	Sep	2019	56.95	74.33
406	Oct	2019	53.96	70.27
407	Nov	2019	57.05	74.33
408	Dec	2019	59.82	78.01
409	Jan	2020	57.52	74.72
410	Feb	2020	50.54	65.48
411	Mar	2020	29.21	37.92
412	Apr	2020	16.55	21.63
413	May	2020	28.56	37.33
414	Jun	2020	38.31	49.80
415	Jul	2020	40.71	52.65
416	Aug	2020	42.34	54.59
417	Sep	2020	39.63	51.03
418	Oct	2020	39.40	50.71
419	Nov	2020	40.94	52.72
420	Dec	2020	47.03	60.51
421	Jan	2021	52.01	66.63
422	Feb	2021	59.05	75.24
423	Mar	2021	62.33	78.86
424	Apr	2021	61.72	77.45
425	May	2021	65.17	81.13
426	Jun	2021	71.38	88.04
427	Jul	2021	72.49	88.98
428	Aug	2021	67.73	82.97
429	Sep	2021	71.65	87.53
430	Oct	2021	81.48	98.72
431	Nov	2021	79.15	95.43
432	Dec	2021	71.71	86.20
433	Jan	2022	83.22	99.20
434	Feb	2022	91.64	108.24
435	Mar	2022	108.50	126.47
436	Apr	2022	101.78	117.98
437	May	2022	109.55	125.60
438	Jun	2022	114.84	129.88
439	Jul	2022	101.62	114.94
440	Aug	2022	93.67	105.99
441	Sep	2022	84.26	95.14
442	Oct	2022	87.55	98.45
443	Nov	2022	84.37	94.97
444	Dec	2022	76.44	86.31
445	Jan	2023	78.12	87.51
446	Feb	2023	76.83	85.59
447	Mar	2023	73.28	81.36
448	Apr	2023	79.45	87.77
449	May	2023	71.58	78.88
450	Jun	2023	70.25	77.16
451	Jul	2023	76.07	83.39
452	Aug	2023	81.39	88.84
453	Sep	2023	89.43	97.37
454	Oct	2023	85.64	93.28
455	Nov	2023	77.69	84.79
456	Dec	2023	71.90	78.55
457	Jan	2024	74.15	80.57
458	Feb	2024	77.25	83.42
459	Mar	2024	81.28	87.21
460	Apr	2024	85.35	91.22
461	May	2024	80.02	85.38
462	Jun	2024	79.77	85.09
463	Jul	2024	81.80	87.15
464	Aug	2024	76.68	81.63
465	Sep	2024	70.24	74.66
466	Oct	2024	71.99	76.43
467	Nov	2024	69.95	74.30
468	Dec	2024	70.12	74.46
469	Jan	2025	75.74	79.90
470	Feb	2025	71.53	75.13
471	Mar	2025	68.24	71.51
472	Apr	2025	63.54	66.38
473	May	2025	62.17	64.81
474	Jun	2025	68.17	70.82
475	Jul	2025	68.39	70.95
476	Aug	2025	64.86	67.09
477	Sep	2025	63.96	65.99
478	Oct	2025	60.89	62.89
479	Nov	2025	60.06	62.10
480	Dec	2025	57.97	59.95
481	Jan	2026	60.04	61.86
482	Feb	2026	64.51	66.16
483	Mar	2026	91.38	92.74
484	Apr	2026	100.32	100.95
485	May	2026	102.13	102.13

Generated by wpDataTables

See: Inflation Adjusted Crude Oil Prices alongside Nominal Price Chart

Strategic Petroleum Reserve

In an effort to fight inflation, the Biden administration flooded the market with cheap oil by depleting our strategic petroleum reserves. Eventually, this resulted in a 47% reduction in reserves. This is despite the fact that, according to the statutory drawdown rules the Biden drawdown looks illegal. The rules regarding a drawdown of the SPR are:
In no case may the Reserve be drawn down –
(A) in excess of an aggregate of 30,000,000 barrels with respect to each such shortage;
(B) for more than 60 days with respect to each such shortage;

This chart shows the extent of the recent strategic petroleum reserve drawdown compared to those of Desert Storm, various hurricanes, and other supply disruptions, and how much has been replaced.

We can see that the recent draw-down dwarfs all of the others combined. In July 2020, the SPR stood at 656.140 million barrels. As of June 2023, the SPR was down to 347.158 million or roughly -47% below July 2020 levels, which were already below 2010 levels due to “SPR Modernization Sales,” i.e., sales to pay for modernizations because Congress wouldn’t authorize the funds to do it.

By September 2023, there was a slight increase to 351.274 million. And by December 2024, it was 393.568 million. As of March 2026, the SPR was at 415.442 million barrels. (The most recent data available as of this writing) and there is talk of releases to help with shortages created by the Iran War.

Note: Reserves in 2020 would have been much higher levels had Democrats not refused Trump’s request to increase reserves when oil was dirt cheap or authorized modernization funds rather than forcing sales.

Note: Section 404 of the Bipartisan Budget Act of 2015 authorizes the Secretary of Energy to draw down and sell up to $2 billion of SPR crude oil, for fiscal years (FY) 2017 through 2020, to carry out an SPR modernization program, resulting in the SPR drawdown during the Trump administration despite Trump’s desire to build up the SPR when oil prices were low.

U.S. Ending Stocks of Crude Oil in SPR
(Million Barrels)

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2010	726.612	726.608	726.604	726.599	726.594	726.591	726.586	726.581	726.513	726.550	726.547	726.545
2020	634.967	634.967	634.967	637.826	648.326	656.023	656.140	647.530	642.186	638.556	638.085	638.086
2021	638.085	637.773	637.774	633.428	627.585	621.304	621.302	621.302	617.768	610.646	601.467	593.682
2022	588.317	578.872	566.061	547.866	523.109	493.324	468.006	445.057	416.393	398.569	388.419	372.030
2023	371.579	371.579	371.175	363.723	354.366	347.158	347.454	350.330	351.274	351.274	351.911	354.684
2024	358.013	360.958	363.934	366.917	370.167	373.072	375.433	379.656	382.930	387.218	391.800	395.064
2025	395.064	395.313	396.710	399.121	402.059	403.003	402.976	404.941	406.983	409.594	411.922	413.464
2026	415.212	415.442	414.825

Unfortunately, the EIA takes months to update the reserve data.

See: EIA Data History of SPR Releases Historical Inflation-Adjusted Crude Oil Prices in Chart (graph) Form

Data Sources:

See also: