Annual Oil Market Chronology
Overview
This chronology was originally published by the Department of Energy's Office of the Strategic Petroleum Reserve, Analysis Division. Updates for 1995-2006 are from the Energy Information Administration. Please click here for the latest monthly chronology and for a more detailed chronology for past years.
World Nominal Oil Price Chronology: 1970-2006
The price data graphed above are in nominal terms, i.e., they are in "dollars-of-the-day" and have not been adjusted for inflation. Clicking the picture above will enable you to access oil prices in real terms that are adjusted for inflation. Historical and forecast real and nominal crude oil and gasoline price information is maintained on a more frequent basis on the Short Term Energy Outlook Webpage.
1.OPEC begins to assert power; raises tax rate & posted prices
2.OPEC begins nationalization process; raises prices in response to falling US dollar.
3.Negotiations for gradual transfer of ownership of western assets in OPEC countries
4.Oil embargo begins (October 19-20, 1973)
5.OPEC freezes posted prices; US begins mandatory oil allocation
6.Oil embargo ends (March 18, 1974)
7.Saudis increase tax rates and royalties
8.US crude oil entitlements program begins
9.OPEC announces 15% revenue increase effective October 1, 1975
10.Official Saudi Light price held constant for 1976
11.Iranian oil production hits a 27-year low
12.OPEC decides on 14.5% price increase for 1979
13.Iranian revolution; Shah deposed
14.OPEC raises prices 14.5% on April 1, 1979
15.US phased price decontrol begins
16.OPEC raises prices 15%
17.Iran takes hostages; President Carter halts imports from Iran ...