How much did a barrel of crude oil (price at the well) cost?
A barrel of crude oil (price at the well) cost $3.18 in 1970 and $63.41 in 2025: about 20 times as much.
Over the same years, prices in general (US inflation, measured by the consumer price index, CPI) rose about 8.3 times. That makes $3.18 in 1970 worth about $26.38 in 2025 money. So it got more expensive even after inflation: about 140% more, in real terms, than in 1970.
In the years listed, the highest price was $74.71 in 2010 and the lowest $3.18 in 1970. The biggest change between two listed years came between 1975 and 1980, when it went up 181%, from $7.67 to $21.59.
Crude oil (barrel): price by year
| Year | Price | In 2025 dollars |
|---|---|---|
| 1970 | $3.18 | $26.38 |
| 1975 | $7.67 | $45.89 |
| 1980 | $21.59 | $84.34 |
| 1985 | $24.09 | $72.07 |
| 1990 | $20.03 | $49.33 |
| 1995 | $14.62 | $30.88 |
| 2000 | $26.72 | $49.95 |
| 2005 | $50.28 | $82.87 |
| 2010 | $74.71 | $110 |
| 2015 | $44.39 | $60.29 |
| 2020 | $36.86 | $45.85 |
| 2025 | $63.41 | $63.41 |
"In 2025 dollars" adjusts each amount for inflation with the CPI, so the years can be compared fairly. How this works.
Where the numbers come from
Figures as published by the source below.
Source: U.S. Energy Information Administration: U.S. Crude Oil First Purchase Price (Dollars per Barrel). View the source.
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