The line graph below shows the global price of crude petroleum (in barrels) from 1870 to 2010.

Jan 11, 2021 / Academic / 3:58 am


The price variations of crude petroleum in barrels across the world from 1870 to 2010 are illustrated in the given line graph.

Overall, though the global price of crude petroleum fluctuated considerably in the beginning and the end of the period, it is seen stabilized during most of the years in between.

As per the line graph, in the year 1870, the price of crude petroleum was only above $70 per barrel. In a period of just ten years, it hiked by $10.

However, the next decade saw a plunge in the price of crude oil, when it hit $20. Thereafter, till 1960, it hovered around $20 per barrel.

Between 1960 and 1970, the crude petroleum price doubled, when it reached $40 per barrel. The rate hiked further and touched a peak of above $100 in 1980. However, it declined again to nearly $25 in 1990. The rate then spiked to the maximum of $120 per barrel, which was the highest ever recorded in the year 2010.
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