Crude oil price chart
Crude oil is defined as unrefined petroleum product (petrochemicals) composed of hydrocarbon deposits and other organic materials.
In other words, a mixture of naturally occurring hydrocarbons that are refined into gasoline, diesel, heating oil, jet fuel, kerosene, and literally thousands of other products called petrochemicals.
Thousands of billion dollars worth of crude oil is sold every year worldwide. Here is a pretty good idea of the last 25 years of crude oil prices. You can say this a clear and solid history of crude oil price.
Crude oil price chart of the last 25 years
Crude oil futures
Crude oil futures trading is an active and volatile market. The reserves of oil deep beneath the surface of the earth are finite. The number of proven reserves assumed exploitable however continues to increase. Estimates are now calculated to be about 683 billion barrels, in 1980. They are estimated today at 1,700 billion barrels. For this, there are different reasons. For example, more dams will be found as research methods continue to improve. Therefore, due to innovative technologies, production costs were lowered. Reservists, including smaller and experimental dams, can, therefore, be built that were previously uneconomic. Another explanation is that manipulation is increasingly successful.
To order to enhance the oil recovery rate from dams, Wintershall Dea uses special methods including steam floods. Reserve life should not fall for the foreseeable future with all these changes. Nevertheless, a long way remains to be gone from stopping economic oil production.