Crude Oil Price
where garbage replaces petroleum. SunCoal Industries use organic waste. Agilyx developed technology to convert plastics into synthetic crude and other petrochemicals. Cost of Oil and Gas Technology Oil and gas technology depends on several factors and cost of crude oil price is one of the factors that directly affected on it. Following contents are analysis of past 50 years of crude oil’s prices. At year 1946, the cost of crude oil was only $15.30/ barrel and the price increased steadily to $26.13 / barrel in year 1948 and there was only slight fluctuation in 1946 to 1948. Crude oil price fall in year 1953, resulting $22.99 / barrel and after 4 years later, year 1957, the price went up to $ 26.37/ barrel and it reached to same price as year …show more content…
However, the price did not remain stable and it drop sharply to $35.02 / barrel after 1 year. In 1992, the price grew marginally $36.40 / barrel and after 2 years later, the prices plummeted and dip suddenly in year 1994, only $23.68 / barrel, which was one of lowest prices in crude oil’s prices in 4 decades. After 1994, there was a surged in price of crude oil and in 1997, it reached to $ 37.65 / barrel even though the prices swing between $27.27 and $33.23 within 3 years. The price of crude oil showed downward trend throughout the period of 1998 and it fall to the lowest, $17.37 / barrel in 1999 and it had direct impact on reducing number of rigs due to the low prices. In 2000, the priced rocketed to $45.25 / barrel even though the price reached to lowest in year 1999. After 1 year later, year 2000, the price dropped to $26.38 / barrel and it went up again in next 2 year, $46.63 / barrel. From 2003 to 2006, the price of crude oil significantly climbed to $83.35 / barrel and there was a marginal fall in 2007, resulting $64.17 / barrel. Year 2008, which was a remarkable period in oil and gas technology because the …show more content…
The price of crude oil was lasted high only 1 year and, the price suddenly sank to $43.90 /
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