The price of oil is being recorded for the last 75 to 80 years. The records definitely do not have a good story to tell. During the early 1920s the supply was sufficient, the demand was in control and the prices were affordable but today the story is totally different.

As per the records our resources of oil and natural gas are depleting at a fast rate, the consumption is becoming increasingly difficult to meet and consequently the prices are skyrocketing. After the end of the Second World War the price of one barrel of oil went up to a maximum of $30. During this period the price of domestic crude oil was around $20 per barrel according to the oil price history.

Experts are of the opinion that the long term picture has not really changed and has remained the same since the year 1869 according to the oil price history. Earlier most of the countries sold oil at least 50% lesser price as compared to today.

The long term history is a guide to those who run big industries and companies that transport, export and import oil and natural gas every day. If you analyze the oil price history your estimate will be a normal price which is far different from the current price.

The results have been drastically different after the 1960s and the 1970s when the prices shot up very high. The price of natural gas and crude oil went up to $35 per barrel as compared to the estimated average price of around $28 to $30.

After the Second World War the prices started to hike with an increase of $3 every other month. After the 1970s till the 1980s the prices were stable and did not raise much. The decline in the price of crude oil prices during the early 1970s caused the US dollar to fall drastically.

The radical changes in the economy of the country also made a huge impact on the oil price history. Countries that exported oil suffered from a 50% or lesser decrease in the global purchasing power.

The oil price history of the past few years also has records of various economic crisis all around the world because of which the business and trade of oil and natural gas has been greatly affected. Fuel has always been very expensive for the public in spite of which consumption has been steadily mounting.

In order to control the rising prices and to balance the supply and demand various policies and solutions have been proposed. These policies have not really proved fruitful and did not they offer any concrete solution. With the lowered prices there was increased consumption fuelled by the industrial revolution and technological development.

Many new inventions started demanding more and more energy that led to increased abuse of natural resources. Oil price history shows a dramatic change in the consumption of energy since it has first started recording its consumption and prices.