U.S. domestic first purchase crude oil prices 2022

The domestic first purchase price for crude oil in the United States amounted to 93.97 nominal U.S. dollars per barrel in 2022. This figure represents a notable increase in comparison to 2020, when the lower fuel demand following mobility restrictions imposed to stave off the coronavirus pandemic resulted in a considerable fall in prices. According to the source, the average domestic first purchase price represents the average price at which all domestic crude oil is purchased. From 1976, the price represents an average of actual first purchase prices.

Annual average domestic first purchase prices for crude oil in the United States in selected years from 1975 to 2022* (in nominal U.S. dollars per barrel)

Characteristic	Prices in nominal U.S. dollars per barrel
2022	93.97
2021	65.84
2020	36.86
2019	55.59
2018	61.4
2017	48.05
2016	38.29
2015	44.39
2010	74.71
2005	50.28
2000	26.72
1995	14.62
1990	20.03
1985	24.09
1980	21.59
1975	7.67

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Release date

May 2023

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Region

United States

Survey time period

1975 to 2022

Supplementary notes

* 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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