LINE GRAPH: CRUDE OIL PRICE
Mar 07, 2019 / Academic / 3:21 pm
The price variations of crude petroleum in barrels across the world from 1870 to 2010 are illustrated in the given line graph.
It is clear from the line graph that the global price of crude petroleum fluctuated considerably in the beginning and the end of the period, whereas the price fluctuation was minimal in the middle third of the period.
In 1870s, the price of crude petroleum was only above $70 per barrel, whereas it hiked to above $80 in 1880s, followed by a sharp decline in 1890 ($20). Between 1890 and 1960, it fluctuated around $20 per barrel, followed by a rise in the price in 1970 ($40/barrel).
After 1970, the rate of the crude petroleum touched a peak of above $100 per barrel in 1980, and then it declined again to nearly $25 in 1990. The rate then went up to the maximum of $120 by 2010.
Overall, it is clear from the graph that the rate of crude petroleum showed a tremendous incline by the end of the given period.
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