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What Is The Average Cost Of Crude Oil Per Barrel/Gallon? Average Crude Oil Price?

The average cost of crude oil per barrel is $81. Crude oil prices have been fluctuating very sharply over the past two years, plummeting to as low as $33 last year before recovering fast, thanks to the economic policies of the United States. The US account for 5% of the world’s oil reserves and is the largest net importer of crude oil in the world. Saudi Arabia is the market leader (24%), followed by Canada (13%) and Iraq and Iran (10% each). Many countries have already started looking for energy alternatives such as solar energy, hydrogen storage, coal, synthetic fuels and nuclear power to meet the challenges posed by the oil crisis.

by Margaret Walker on Sat, 11/27/2010 - 06:46

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