Oil price, 1946-2012 (feb)

creeping back up there…

price per barrel of oil, 1946-2012 (feb)

Opec countries are often talked about as having a ‘target’ price of oil that can sustain their economies/cover their budgets — a break-even point. What are the equivalent numbers for the US and Europe? What price level is too high or too low for normal maintenance of advanced, Western economies? At what price point can’t the US government, private companies, and households afford their normal budgets?

And then if you look closer at the numbers there is this: What role did the rise in oil prices in 2007 and 2008 play in bringing about the economic contraction, and the financial crisis? The origins of both the spike in oil and financial crisis are dated to the same period: 07-08.

Exact numbers, oil price, month-by-month, 2007-2008:

2007-01-01 54.570
2007-02-01 59.260
2007-03-01 60.560
2007-04-01 63.970
2007-05-01 63.460
2007-06-01 67.480
2007-07-01 74.180
2007-08-01 72.390
2007-09-01 79.930
2007-10-01 86.200
2007-11-01 94.620
2007-12-01 91.730
2008-01-01 92.950
2008-02-01 95.350
2008-03-01 105.560
2008-04-01 112.570
2008-05-01 125.390
2008-06-01 133.930
2008-07-01 133.440
2008-08-01 116.610
2008-09-01 103.900
2008-10-01 76.650
2008-11-01 57.440
2008-12-01 41.020

Here are the numbers from 2007-2008 in a graph:

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