| Historically, crude oil or petroleum prices in the United | | | | prices began to falter as member countries exceeded |
| States have been affected by a variety of global | | | | their production limits, dropping prices to around $10 a |
| factors. In the beginning of the 20th century, crude oil | | | | barrel. Prices gradually rose over the next decade, but |
| production began to be controlled by the US | | | | the South-East Asian economic crisis of 1998 drove |
| government, with restrictions on the amount of | | | | prices down again as demand dropped. Prices rose to |
| production and price to conserve this valuable energy | | | | $25 a barrel by the end of the 20th century, but a |
| source. Following the Second World War, demand for | | | | variety of factors, including reduced supply and war, |
| petroleum could not be met through local production | | | | made crude oil prices spiral to $70 a barrel in 2005. |
| alone, and the US started importing increasing | | | | Today, trading in oil futures on the floor of the New |
| quantities of crude oil. | | | | York Mercantile Exchange (NYMEX) increasingly |
| Up until the 1972 war between Israel and Syria and | | | | drives crude oil prices in the US. Increasing |
| Egypt, global crude oil prices were fairly stable at | | | | consumption has resulted in increasing dependence on |
| about $3 a barrel. An oil embargo by major | | | | imported crude oil supplies. While futures trading will |
| oil-producing countries in 1973 led to the first steep | | | | continue to determine crude oil prices in the |
| increase in crude oil prices, to $12 a barrel. Following | | | | foreseeable future, oil conservation and the |
| the Iran revolution of 1979 and the Iran-Iraq war, crude | | | | development of alternative and renewable energy |
| oil prices rose to $35 a barrel by 1981. However, by | | | | sources are both essential to ensure a stable energy |
| 1986, the OPEC cartel's control over global crude oil | | | | supply and price in the longer term. |