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    What was the lowest oil price ever?

    Question #99679. Asked by author. (Sep 24 08 7:59 PM)


    star_gazer

    		Back in the 1300's it was free.

    Sep 24 08, 8:58 PM
    unclerick


    As star_gazer has indicated oil has been free. What we would call crude oil can occur naturally on the earth's surface. It had such uses as lamp fuel, medicinal ointments and water proofing. I'm sure it had a market value of some sort. Marco Polo refers to it in accounts of his travels.

    Crude oil has been pumped from the earth and sold commercially since 1869. From a chart on the following link it looks like the lowest price for a barrel of oil was approximately 15 dollars in 1930.This is calculated 2006 dollar values, US currency. The second link provided gives a very good explanation of what is meant by " 2006 dollar value ".

    http://www.wtrg.com/prices.htm
    http://www.measuringworth.com/uscompare/



    Sep 25 08, 10:09 AM

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