Oil Price

1. Part A

DATE Avg. Oil price CPI Deflator Avg Oil price
(Real, $2005)
1947 1.84 22.3 0.11 16.10
1948 2.57 24.0 0.12 20.87
1949 2.57 23.8 0.12 21.08
1950 2.57 24.1 0.12 20.86
1951 2.57 26.0 0.13 19.32
1952 2.57 26.6 0.14 18.89
1953 2.72 26.8 0.14 19.82
1954 2.82 26.9 0.14 20.50
1955 2.82 26.8 0.14 20.55
1956 2.82 27.2 0.14 20.25
1957 3.04 28.1 0.14 21.14
1958 3.06 28.9 0.15 20.68
1959 2.98 29.2 0.15 19.93
1960 2.97 29.6 0.15 19.61
1961 2.97 29.9 0.15 19.40
1962 2.97 30.3 0.15 19.17
1963 2.97 30.6 0.16 18.94
1964 2.95 31.0 0.16 18.53
1965 2.92 31.5 0.16 18.09
1966 2.94 32.5 0.17 17.66
1967 3.03 33.4 0.17 17.71
1968 3.07 34.8 0.18 17.23
1969 3.30 36.7 0.19 17.54
1970 3.35 38.8 0.20 16.85
1971 3.56 40.5 0.21 17.17
1972 3.56 41.8 0.21 16.63
1973 3.87 44.4 0.23 17.03
1974 10.37 49.3 0.25 41.08
1975 11.16 53.8 0.28 40.49
1976 12.65 56.9 0.29 43.38
1977 14.30 60.6 0.31 46.06
1978 14.85 65.2 0.33 44.45
1979 22.40 72.6 0.37 60.28
1980 37.38 82.4 0.42 88.60
1981 36.67 90.9 0.47 78.75
1982 33.64 96.5 0.49 68.05
1983 30.40 99.6 0.51 59.61
1984 29.28 103.9 0.53 55.01
1985 27.97 107.6 0.55 50.77
1986 15.04 109.7 0.56 26.78
1987 19.16 113.6 0.58 32.94
1988 15.96 118.3 0.61 26.35
1989 19.59 123.9 0.63 30.87
1990 24.49 130.7 0.67 36.61
1991 21.48 136.2 0.70 30.81
1992 20.56 140.3 0.72 28.62
1993 18.46 144.5 0.74 24.95
1994 17.19 148.2 0.76 22.64
1995 18.43 152.4 0.78 23.62
1996 22.15 156.9 0.80 27.58
1997 20.60 160.5 0.82 25.06
1998 14.39 163.0 0.83 17.24
1999 19.25 166.6 0.85 22.57
2000 30.30 172.2 0.88 34.36
2001 25.92 177.0 0.91 28.60
2002 26.10 179.9 0.92 28.34
2003 31.14 184.0 0.94 33.05
2004 41.44 188.9 0.97 42.84
2005 56.47 195.3 1.00 56.48
2006 66.10 201.6 1.03 64.05
2007 72.36 207.3 1.06 68.16
2008 99.57 215.3 1.10 90.34
2009 61.69 214.5 1.10 56.16
2010 79.43 218.1 1.12 71.13

2. Part B

For decades, a lot of confusion in world economy was driven by oil market fluctuation. The OPEC (the Organization of... [continues]

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