FACTBOX-Oil at $100 nears inflation-adjusted high
Feb 21 (Reuters) - U.S. oil surged to a nominal all-time high of $101.32 a barrel on Feb. 20.
That is just below the $101.70 peak, adjusted for inflation, hit in April 1980 -- a year after the Iranian revolution, according to the International Energy Agency.
The following table from the BP Statistical Review picks out key moments in oil market history. It gives average annual dollar-denominated oil prices in money of the day and the equivalent price in 2006 money. Prices are in dollars a barrel.
Year Money of Inflation
the day adjusted
1864 - Pennsylvania oil boom 8.06 104.35
1876 - Russian oil exports start 2.56 48.64
1948 - Rebuilding post World War Two 1.99 16.74
1974 - Arab oil embargo 11.58 47.54
1979 - Iranian revolution 31.61 88.13
1980 - Iran-Iraq war starts 36.83 90.46
1990 - Iraq's invasion of Kuwait 23.73 36.76
1998 - Asian economic crisis 12.72 16.22
2003 - China 2nd biggest oil consumer 38.27 40.83
*2008 average 93.02 93.02
NOTE:
1861-1944 - U.S. average
1945-1983 - Arabian Light posted at Ras Tanura
1984-present day - Brent dated
*2008 U.S. crude
Source: BP Statistical Review of World Energy June 2007
© Thomson Reuters 2009 All rights reserved
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