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From January 30 to February 3, oil rose 20%, but on February 4, U.S. crude futures fell 8.7% to $48.45, the most in one day since November 28, 2014. Brent crude fell from $59 to $54 two weeks after reaching $45. U.S. inventories were the highest since 1982, while the dollar was recovering from "its worst day in more than a year".
Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
The following week, with Russia threatening to cut output due to a price cap, oil rose the most in a week since October, with Brent reaching $83.92 and WTI up to $79.56. Brent finished the year at $85.91, with WTI at $80.26. See also. 2011–2013 world oil market chronology; 2014–2016 world oil market chronology
Retail markup over crude oil and wholesale gasoline, 2014–2019 Oil, gas, and diesel prices RBOB Gasoline Prices. In 2008, a report by Cambridge Energy Research Associates stated that 2007 had been the year of peak gasoline usage in the United States, and that record energy prices would cause an "enduring shift" in energy consumption practices.
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The ratio between proven oil reserves and current production has constantly improved, passing from 20 years in 1948 to 35 years in 1972 and reaching about 40 years in 2003. These improvements occurred even with low investment in new exploration and upgrading technology because of the low oil prices during the last 20 years. However, Maugeri ...
In 2008, oil prices rose briefly, to as high as $145 per barrel, and U.S. gasoline prices jumped from $1.37 to $2.37 per gallon in 2005, causing a search for alternate sources, and by 2012, less than half the US oil consumption was imported. However, as of January 2015, the price of oil has decreased to around $50 per barrel.
Trend of net energy imports into the United States, 1985–2013. Sources of crude oil imports, 1985–2015. United States energy independence is the concept of eliminating or substantially reducing import of petroleum to satisfy the nation's need for energy. Some proposals for achieving energy independence would permit imports from the ...