Oil Price Episodes: 1973, 1979, 1986, 1990, 2008, 2014–16, 2020 and 2022
These pages measure eight episodes of large crude oil price changes with EIA data. From 1986 on they use EIA's daily WTI and Brent spot prices; the 1973–74 and 1979–80 episodes predate those series and use EIA's U.S. crude oil first purchase price instead. Each page gives the price path, highs and lows with dates, monthly or annual averages, inflation-adjusted figures, and context from EIA and other government sources on the several forces behind each move.
| Episode | Series | Starting price | Peak or low | Date | Change from start | Then | Date |
|---|---|---|---|---|---|---|---|
| 1973 Oil Embargo | U.S. first purchase (annual)* | $3.89 1973 | $6.87 | 1974 | +76.6% | — | — |
| 1979 Oil Crisis | U.S. first purchase (annual)* | $9.00 1978 | $31.77 | 1981 | +253.0% | $12.51 | 1986 |
| 1986 Oil Price Collapse | WTI spot (daily) | $25.56 Jan 2, 1986 | $10.25 | Mar 31, 1986 | −59.9% | $17.93 | Dec 31, 1986 |
| 1990 Gulf War Oil Price Spike | WTI spot (daily) | $21.59 Aug 1, 1990 | $41.07 | Oct 11, 1990 | +90.2% | $17.43 | Feb 22, 1991 |
| 2008 Oil Price Spike and Crash | WTI spot (daily) | $60.77 Jan 2, 2007 | $145.31 | Jul 3, 2008 | +139.1% | $30.28 | Dec 23, 2008 |
| 2014–2016 Oil Price Decline | WTI spot (daily) | $103.07 Jun 2, 2014 | $26.19 | Feb 11, 2016 | −74.6% | $51.23 | Jun 8, 2016 |
| 2020 Oil Price Crash | WTI spot (daily) | $61.17 Jan 2, 2020 | −$36.98 | Apr 20, 2020 | — | $49.04 | Dec 18, 2020 |
| 2022 Oil Price Spike | WTI spot (daily) | $92.14 Feb 23, 2022 | $123.64 | Mar 8, 2022 | +34.2% | $71.05 | Dec 9, 2022 |
Spikes show the peak and the lowest price after it; declines show the low and the highest price after it, within each page's window. Percent change is not shown where a price is negative. * Annual averages of the U.S. crude oil first purchase price, which was under federal price controls until 1981; not comparable with daily WTI spot prices.
- 1973 Oil Embargo
Arab oil producers embargoed the United States in October 1973 and cut output, as eroding spare capacity, a shifting pricing system and a weaker dollar added pressure; higher prices outlasted the embargo.
- 1979 Oil Crisis
Iran's revolution cut its oil output, precautionary buying and strong demand added pressure, and the Iran–Iraq War began in 1980; U.S. prices also rose as federal controls were lifted.
- 1986 Oil Price Collapse
WTI fell by more than half in the first quarter of 1986 as OPEC raised output to regain market share against weak demand and rising non-OPEC supply.
- 1990 Gulf War Oil Price Spike
Iraq's invasion of Kuwait on August 2, 1990 took most of both countries' oil production offline; prices fell back as other supply, inventories and a recession offset the loss.
- 2008 Oil Price Spike and Crash
WTI set its record high in July 2008 after years of demand growing faster than non-OPEC supply, then lost most of that value by December as economic growth slowed and demand fell.
- 2014–2016 Oil Price Decline
Record U.S. tight oil growth, weaker global demand, and OPEC's November 2014 decision to keep its production target took WTI from over $100 in mid-2014 to its 2016 low.
- 2020 Oil Price Crash
Pandemic responses cut petroleum demand, OPEC+ production cuts lapsed in March, and storage at Cushing filled; WTI settled below zero on April 20, 2020.
- 2022 Oil Price Spike
Russia's full-scale invasion of Ukraine came after two years of falling global inventories; prices peaked on March 8, 2022 and declined in the second half on recession concerns and reserve releases.
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | RWTC / RBRTE — spot prices FOB (daily) | $/bbl | 1986 onward | — |
| U.S. Energy Information Administration | F000000__3 — U.S. crude oil first purchase price | $/bbl | annual 1859 onward; monthly 1974 onward | — |
Last updated: Oct 21, 2026, 5:44 PM CDT. Raw values are shown in source units; any conversion is labeled. See methodology and data sources.