There has been a lot of anxiety in the mainstream media regarding the price of oil. So, another look:
Below the introduction are prices for North Dakota Sweet.
These are the last prices shown for the month indicated for North Dakota Sweet provided by SemCrude. [Update: someone pointed out that there was a significant price discrepancy between SemCrude's and Murphy's prices for North Dakota Sweet. I have since added a quote from Murphy for the designated month.]
Note: back in early 2009, North Dakota Sweet dropped to $20/barrel. EOG has said "they are robust" when Bakken oil is $40/bbl. Back in the 2008 timeframe, North Dakota Sweet was at/over $85 for seven (7) months, spiking to $120 for two (2) months.
In comparison, in the current run-up in oil prices, North Dakota Sweet has been above $85 for only one (1) month. (Again, in a general sense, using only the last figure for the month indicated as provided by SemCrude.)
There were at least fourteen (14) months of gradual and steady increase in the price of oil before hitting the $120 peak. Then, the recession. Following that spike, and sudden reversal, the past 18 months or so have been fairly unremarkable. Even the run-up to $89 is not particularly remarkable when compared to the July, 2008, spike.
Month: SemCrude Price -- Murphy Oil Price (each month there are multiple figures; I simply picked the last figure presented by SemCrude and the first figure that popped up for Murphy Oil.
April, 2011: 89 -- 100
March, 2011: 84 -- 86
February, 2011: 66 -- 76
January, 2011: 67 -- 77
December, 2010: 67 -- 73
November, 2010: 66 -- 68
October, 2010: 60 -- 63
September, 2010: 53 -- 61
August, 2010: 60 -- 65
July, 2010: 53 -- 59
June, 2010: 51 -- 58
May, 2010: 54 -- 72
April, 2010: 65 -- 73
March, 2010: 61 -- 67
February, 2010: 51 -- 64
January, 2010: 62 -- 67
December, 2009: 54 -- 66
November, 2009: 57 -- 63
October, 2009: 49 -- 57
September, 2009: 47 -- 54
August, 2009: 45 -- 56
July, 2009: 42 -- 55
June, 2009: 48
May, 2009: 36
April, 2009: 29
March, 2009: 25
February, 2009: 19
January, 2009: 22
December, 2008: 20
November, 2008: 41
October, 2008: 70
September, 2008: 86
August, 2008: 100
July, 2008: 121
June, 2008: 118
May, 2008: 103
April, 2008: 89
March, 2008: 85
February, 2008: 68
January, 2008: 75
December, 2007: 68
November, 2007: 76
October, 2007: 61
September, 2007: 57
August, 2007: 52
July, 2007: 52
June, 2007: 47
