The statistic represents the annual average U.S. domestic first purchase price for crude oil from 1975 to 2018. In 2018, the average price for domestic crude oil stood at about 61.4 nominal U.S. dollars per barrel. According to the source, nominal prices reflect the price paid for a product or service at the time of the transaction; these prices have not been adjusted to remove the effect of changes in the purchasing power of the dollar.
Annual average U.S. domestic first purchase prices for crude oil from 1975 to 2018 (in nominal U.S. dollars per barrel)*
* According to the source, the average domestic first purchase price represents the average price at which all domestic crude oil is purchased. Prior to February 1976, the price represented an estimate of the average of posted prices; beginning with February 1976, the price represents an average of actual first purchase prices. Nominal U.S. dollars reflect the buying power in the year in which the transaction occurred; not adjusted to remove the effect of changes in the purchasing power of the dollar.
Annual averages are the averages of the monthly prices, weighted by volume.
Geographic coverage is the 50 States, the District of Columbia, Puerto Rico, the Virgin Islands, and all U.S. Territories and Possessions.
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EIA (U.S. Energy Information Administration). (March 26, 2019). Annual average U.S. domestic first purchase prices for crude oil from 1975 to 2018 (in nominal U.S. dollars per barrel)* [Graph]. In Statista. Retrieved February 25, 2020, from https://www.statista.com/statistics/201759/us-domestic-first-purchase-prices-for-crude-oil-since-1975/
EIA (U.S. Energy Information Administration). "Annual average U.S. domestic first purchase prices for crude oil from 1975 to 2018 (in nominal U.S. dollars per barrel)*." Chart. March 26, 2019. Statista. Accessed February 25, 2020. https://www.statista.com/statistics/201759/us-domestic-first-purchase-prices-for-crude-oil-since-1975/
EIA (U.S. Energy Information Administration). (2019). Annual average U.S. domestic first purchase prices for crude oil from 1975 to 2018 (in nominal U.S. dollars per barrel)*. Statista. Statista Inc.. Accessed: February 25, 2020. https://www.statista.com/statistics/201759/us-domestic-first-purchase-prices-for-crude-oil-since-1975/
EIA (U.S. Energy Information Administration). "Annual Average U.S. Domestic First Purchase Prices for Crude Oil from 1975 to 2018 (in Nominal U.S. Dollars per Barrel)*." Statista, Statista Inc., 26 Mar 2019, https://www.statista.com/statistics/201759/us-domestic-first-purchase-prices-for-crude-oil-since-1975/
EIA (U.S. Energy Information Administration), Annual average U.S. domestic first purchase prices for crude oil from 1975 to 2018 (in nominal U.S. dollars per barrel)* Statista, https://www.statista.com/statistics/201759/us-domestic-first-purchase-prices-for-crude-oil-since-1975/ (last visited February 25, 2020)
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