HISTORY OF ILLINOIS BASIN POSTED CRUDE OIL PRICES

Crude Oil Price
Chart from 1977 to 2003

Monthly Price Chart 1998 to July 2006

History & Analysis of Crude Oil Prices from WTRG Economics

Year, Month, Monthly Average, and Yearly Average

2008

January $84.70 July  
February   August  
March   September  
April   October  
May   November  
June   December  
    2008 Average* $84.70

                                                                                                    *Through January

2007

January $46.53 July $65.96
February $51.36 August $64.23
March $52.64 September $70.94
April $56.08 October $77.56
May $55.43 November $86.92
June $59.25 December $83-46
    2007 Average $64.20

                                                                                     

2006

January $58.30 July $66.28
February $54.65 August $64.93
March $55.42 September $55.73
April $62.50 October $50.98
May $62.94 November $50.98
June $62.85 December $54.06
    2006 Average $58.30

 

2005

January $42.21 July $52.13
February* $42.91/$41.11 August $58.07
March* $48.55/$47.80 September $58.56
April* $46.63/$46.38 October $55.12
May* $43.27/$43.02 November $51.18
June* $49.56/$49.80 December $52.31
    2005 Average* $50.04/$49.81

*From February through June the posted price was not the same for all three crude purchasers in the Illinois Basin.  The first price is Countrymark Coop posted price average, the second price is Plains/Bi-Petro posted price average.

2004

January $30.87 July $36.25
February $31.03 August $40.67
March $33.48 September $41.25
April $33.08 October $48.71
May $36.31 November $44.30
June $33.80 December $39.20
    2004 Average $37.41

                                                                                           

2003

January $29.44 July $27.39
February $32.13 August $28.33
March $30.26 September $25.14
April $25.22 October $27.07
May $23.61 November $27.66
June $27.23 December $28.83
    2003 Average $27.69

2002

January $16.65 July $23.69
February $18.88 August $24.90
March $20.97 September $26.28
April $22.83 October $25.38
May $23.79 November $22.92
June $22.16 December $25.25
    2002 Average $22.81

2001

January $28.66 July $23.58
February $26.72 August $24.08
March $23.96 September $20.82
April $26.77 October $19.04
May $25.44 November $16.45
June $24.27 December $16.21
    2001 Average $23.00

2000

January $24.11 July $27.17
February $26.54 August $28.27
March $27.44 September $30.88
April $22.99 October $30.01
May $26.06 November $31.16
June $28.57 December $25.50
    Yearly total Average $27.40

Cut backs on imports, reformulated gasoline, and taxes caused record high gasoline prices in Midwest, reaching over $2.00 per gallon.  Saudi Arabia wanting to boost import levels but other OPEC nations against it. (June & July)

1999

January $9.86 July $17.43
February $9.30 August $18.55
March $12.05 September $20.94
April $14.60 October $19.93
May $15.17 November $22.26
June $15.24 December $23.33
    Yearly Average $16.55

1998

February $13.71 August $10.20
March $12.75 September $12.44
April $13.15 October $11.88
May $12.67 November $10.36
January $14.56 July $11.52
June $11.03 December $8.64
    Yearly Average $11.91

Save Domestic Oil filed petition to stop the dumping of oil on  U. S. markets by Saudi Arabia, Venezuela and Mexico.

1997

January $23.52 July $17.57
February $20.00 August $17.82
March $19.21 September $17.63
April $18.06 October $19.20
May $19.15 November $17.99
June $17.20 December $16.31
    Yearly Average $18.97

1996

January $17.33 July $19.73
February $17.60 August $20.38
March $19.71 September $22.25
April $21.78 October $23.34
May $19.56 November $21.99
June $18.50 December $23.38
    Yearly Average $20.46

1995

January $16.50 July $15.50
February $17.06 August $16.32
March $16.87 September $16.40
April $18.20 October $15.72
May $17.91 November $16.37
June $16.68 December $17.47
    Yearly Average $16.75

1994

January $13.29 July $18.26
February $13.28 August $16.89
March $13.13 September $15.79
April $14.85 October $16.07
May $16.54 November $16.47
June $17.76 December $15.63
    Yearly Average $15.66

1993

January $15.25 July $16.27
February $18.69 August $16.40
March $18.92 September $16.13
April $18.81 October $16.54
May $18.29 November $15.22
June $17.64 December $12.83
    Yearly Average $16.74

1992

January $17.59 July $20.45
February $17.75 August $20.02
March $17.68 September $20.62
April $19.00 October $20.32
May $19.62 November $19.00
June $21.07 December $17.92
    Yearly Average $19.25

1991

January $23.56 July $20.31
February $19.42 August $20.48
March $18.67 September $20.43
April $19.48 October $21.98
May $19.94 November $20.91
June $18.93 December $18.28
    Yearly Average $20.19

1990
The price of crude oil spiked in 1990 due to the Iraqi invasion of Kuwait and the Gulf War.   The 1990s brought improved technology in drilling and production techniques.

January $21.42 July $17.47
February $20.83 August $25.69
March $19.10 September $32.52
April $17.23 October $34.69
May $17.36 November $28.38
June $17.64 December $26.00
    Yearly Average $23.19

1989

January $16.59 July $18.50
February $16.60 August $17.35
March $18.54 September $18.18
April $19.35 October $18.85
May $18.73 November $18.71
June $19.04 December $19.50
    Yearly Average $18.33

1988

January $16.00 July $15.00
February $15.50 August $14.25
March $15.00 September $13.50
April $17.00 October $12.50
May $16.50 November $13.34
June $15.25 December $14.65
    Yearly Average $14.87

1987

January $16.75 July $19.00
February $15.75 August $18.50
March $18.00 November $17.50
June $18.50 December $16.00
    Yearly Average $17.50

1986

January $22.50 July $11.00
February $16.00 August $13.25
March $14.00 September $14.00
April 12.50 December $15.50
May $13.00 Yearly Average $14.64

1985
From 1982 to 1985 OPEC attempted to set production quotas low enough to stabilze prices.  Repeated failures occured because various members of OPEC would produce beyond their quotas.  Saudi Arabia acted as the swing producer cutting its production to stem the free falling prices.  In August of 1985 they tired of this role and linked their oil prices to the spot market and in early 1986 increased production from 2 MMBPD to 5 MMBPD.

January $26.00    
Feb. thru December $27.00 Yearly Averag $26.50

1984

November $28.00    
December $27.00 Yearly Average $27.50

1983

January $30.00    
Feb. thru Oct., 1984 $29.00 Yearly Average $29.00

1982

February $34.00 August $31.00
March $32.00 September $31.00
April $31.00 October $32.00
May $31.00 November $32.00
June 31.00 December $31.00
July $31.00 Yearly Average $31.55

1981
Events in Iran and Iraq led to another round of crude oil price increases in 1979 and 1980.  The Iranian revolution resulted in the loss of 2 to 2.5 million barrels of oil per day between November of 1978 and June of 1979.  In 1980 Iraq's crude oil production fell 2.7MMBPD and Iran's production by 600,000 barrels per day during the Iran/Iraq War.  The combination of these two events resulted in crude oil prices more than doubling from $14 in 1978 to $35 per barrel in 1981.

  Lower Tier - IL Upper Tier - IL Released & Stripper
January $6.94 $15.07 $38.00
February $6.99 $15.19 $38.00
March     $38.00
April $   $38.00
April, 1981 thru Jan.,1982     $35.00

1980
Beginning in the 1980s the US became more energy efficient with better insulation of homes, energy efficiency in industrial processes, and automobiles with higher gas mileage. 

  Lower Tier - IL Upper Tier - IL Released & Stripper
January $6.34 $13.74 $38.00
February $6.38 $13.83 $38.00
March $6.42 $13.93 $38.00
April $6.46 $14.03 $38.00
May $6.51 $14.13 $38.00
June $6.56 $14.24 $38.00
July $6.61 $14.35 $38.00
August $6.66 $14.46 $38.00
September $6.72 $14.58 $36.00
October $6.78 $14.70 $36.00
November $6.84 $14.83 $36.00
December $6.89 $14.95 $37.00

1979

  Lower Tier - IL Upper Tier - IL Released & Stripper
January $5.87 $12.68 $15.95
February $5.90 $12.75 $15.95
March $5.94 $12.83 $15.95
April $5.98 $12.91 $18.20
May $6.02 $12.99 $19.20
June $6.06 $13.08 $24.50
July $6.10 $13.17 $26.50
August $6.14 $13.26 $28.50
September $6.18 $13.36 $31.00
October $6.22 $13.46 $32.50
November $6.26 $13.56 $35.00
December $6.30 $13.65 $38.00

1978

  Lower Tier - IL Upper Tier - IL Released & Stripper
January $5.46 $11.78 $14.95
February $5.48 $11.83 $14.95
March $5.51 $11.89 $14.95
April $5.54 $11.95 $14.95
May $5.57 $12.01 $14.95
June $5.60 $12.08 $14.95
July $5.63 $12.15 $14.95
August $5.66 $12.22 $14.95
September $5.71 $12.32 $14.95
October $5.76 $12.43 $14.95
November $5.81 $12.54 $14.95
December $5.84 $12.61 $14.95

1977

  Lower Tier - IL Upper Tier - IL Released & Stripper
January $5.33 $11.35 $14.00
March $5.33 $10.90 $14.00
August $5.33 $10.90 $14.95
September $5.36 $11.16 $14.95
October $5.39 $11.42 $14.95
November $5.42 $11.68 $14.95
December $5.44 $11.73 $14.95

1976

  Lower Tier - IL Upper Tier - IL Released & Stripper
February $5.20 $11.28 $13.10
March $5.23 $11.35 $13.10
April $5.26 $11.42 $13.10
May $5.30 $11.49 $13.10
June $5.33 $11.55 $13.10
Prices froze at this level until January 1, 1977, except stripper (uncontrolled).
September     $14.00

1975

  Lower Tier - IL Upper Tier - IL Released & Stripper
February $5.20   $11.60
April $5.20   $11.90
July $5.20   $12.40
September $5.20   $12.40
October $5.20   $12.60
November $5.20   $13.10

1974

  Lower Tier - IL Upper Tier - IL Released & Stripper
August $5.20   $10.30
December $5.20   $11.20

 

1973
The Yom Kippur War started with an attack on Israel by Syria and Egypt on October 5, 1973.  The US and many other countries showed support to Israel.  As a result Arab exporting nations imposed an embargo on the nations supporting Israel, still known as the Arab Oil Embargo here in the United States. 

  Lower Tier - IL Upper Tier - IL Released & Stripper
April $3.60    
August $4.20    
September $4.20   $5.20
October $4.20   $5.85
November $4.20   $8.55
December $5.20   $8.55

1971
In March of 1971, the balance of power to control crude oil prices shifted from Texas, Oklahoma and Louisiana to OPEC.  By the end of 1971 six other nations had joined OPEC:  Qatar, Indonesia, Libya, United Arab Emirates, Alageria and Nigeria.

1970

November 3.60    
Beginning of Tier Prices Lower Tier - IL Upper Tier - IL Released & Stripper
December 3.60    

1969 back to 1946

April 1, 1969 $3.35    
March 17, 1969 $3.30    
March 1, 1969 $3.25    
July 1, 1968 $3.20    
August 1, 1967 $3.15    
December 6, 1965 $3.10    
October 11, 1963 $3.00 Gravity pricing established  
August 29, 1960 $3.00 OPEC was formed in 1960 with five founding members:  Iran, Iraq, Kuwait, Saudi Arabia and Venezuela  
June 20, 1960 $2.85    
December 13, 1957 $3.00    
January 9, 1957 $3.15    
June 12, 1956 $2.90    
October 15, 1955 $3.00    
October 20, 1954 $2.90    
June 15, 1953 $3.02    
November 28, 1947 $2.77    
October 15, 1947 $2.27    
March 10, 1947 $2.07    
November 15, 1946 $1.82    
July 25, 1946 $1.72    
April 1, 1946 $1.47    
March 31, 1946 $1.37