Why Crude Oil Is Our World Currency
Wars are fought over crude oil, and until other fuels can replace it, more wars will be fought over it. And if there are crises in Iran, Nigeria, Iraq, Russia, Mexico and Venezuela — all oil-producing nations — a lot can go wrong in a hurry for the oil markets, sending prices skyward.
So I believe the price of crude will easily top $100 per barrel again in the next couple of years, and I think we will see oil assets also double in value when the price spikes again.
Considering all of this, you can see why I view crude oil as the global currency of choice. And as the global economy rebounds late this year or next year, demand for energy will rise again, sending prices of crude and natural gas higher.
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01/29/10 | 02/05/10 | 02/12/10 | 02/19/10 | 02/26/10 | 03/05/10 | View History |
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71.99 | 72.28 | 70.42 | 73.46 | 75.98 | 76.45 | 1978-2010 | ||||||
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71.29 | 70.76 | 70.13 | 72.87 | 75.51 | 75.78 | 1978-2010 | ||||||
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71.97 | 72.77 | 70.35 | 73.50 | 75.99 | 76.66 | 1978-2010 | ||||||
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74.23 | 74.97 | 72.41 | 75.69 | 77.70 | 77.53 | 1978-2010 | ||||||
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73.28 | 73.98 | 71.60 | 74.84 | 77.29 | 78.34 | 1978-2010 | ||||||
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72.66 | 73.25 | 70.77 | 73.89 | 76.60 | 77.63 | 1989-2010 | ||||||
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72.67 | 73.20 | 70.71 | 73.83 | 75.75 | 75.67 | 1978-2010 | ||||||
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68.20 | 68.69 | 67.68 | 69.70 | 70.96 | 72.02 | 1978-2010 | ||||||
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71.43 | 71.93 | 69.46 | 72.58 | 75.30 | 76.39 | 1978-2010 | ||||||
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71.83 | 72.33 | 69.86 | 72.83 | 75.55 | 76.64 | 1978-2010 | ||||||
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71.94 | 72.58 | 70.29 | 73.02 | 75.34 | 75.87 | 1978-2010 | ||||||
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71.98 | 72.56 | 70.09 | 73.22 | 75.12 | 74.70 | 1978-2010 | ||||||
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73.03 | 73.38 | 70.91 | 73.59 | 76.10 | 76.68 | 1978-2010 | ||||||
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70.76 | 71.99 | 69.51 | 72.80 | 75.64 | 76.37 | 1999-2010 | ||||||
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74.41 | 74.99 | 72.47 | 75.48 | 78.07 | 79.35 | 1978-2010 | ||||||
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73.66 | 74.28 | 71.74 | 74.98 | 77.94 | 79.13 | 1978-2010 | ||||||
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73.88 | 74.60 | 72.02 | 75.33 | 77.03 | 76.71 | 1978-2010 | ||||||
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69.16 | 70.14 | 67.66 | 70.95 | 73.79 | 74.92 | 1978-2010 | ||||||
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70.76 | 71.99 | 69.51 | 72.80 | 75.64 | 76.37 | 1978-2010 | ||||||
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69.66 | 70.79 | 68.31 | 71.60 | 74.44 | 75.37 | 1978-2010 | ||||||
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NA | NA | NA | NA | NA | NA | 1978-2010 | ||||||
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NA | NA | NA | NA | NA | NA | 1978-2010 | ||||||
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71.99 | 73.01 | 71.24 | 74.69 | 76.94 | 77.67 | 1978-2010 | ||||||
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72.02 | 71.63 | 70.50 | 73.40 | 75.95 | 76.16 | 1978-2010 | ||||||
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76.03 | 76.33 | 73.57 | 76.78 | 79.32 | 79.20 | 1989-2010 | ||||||
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1978-2003 | ||||||||||||
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71.80 | 72.74 | 70.47 | 73.68 | 76.42 | 77.56 | 1989-2010 | ||||||
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72.48 | 69.16 | 74.57 | 76.07 | 79.13 | 78.83 | 1993-2010 | ||||||
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70.30 | 66.68 | 68.35 | 70.49 | 74.02 | 73.79 | 2007-2010 | ||||||
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1989-2007 | ||||||||||||
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71.37 | 71.50 | 69.52 | 73.33 | 75.77 | 75.34 | 1978-2010 | ||||||
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74.76 | 75.46 | 73.61 | 76.84 | 78.24 | 78.60 | 1989-2010 | ||||||
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69.31 | 69.71 | 67.27 | 69.98 | 72.46 | 73.01 | 1978-2010 | ||||||
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NA | NA | NA | NA | NA | NA | 1978-2010 | ||||||
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74.86 | 74.67 | 72.84 | 77.08 | 79.58 | 79.10 | 1978-2010 | ||||||
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76.43 | 76.71 | 74.07 | 77.28 | 79.76 | 79.67 | 1978-2010 | ||||||
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71.88 | 72.90 | 71.13 | 74.58 | 76.83 | 77.56 | 1978-2010 | ||||||
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66.91 | 67.20 | 65.48 | 68.74 | 70.44 | 69.76 | 1989-2010 | ||||||
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73.52 | 73.98 | 71.46 | 74.55 | 77.04 | 78.07 | 1978-2010 | ||||||
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72.99 | 73.61 | 71.17 | 74.31 | 76.18 | 76.13 | 1978-2010 | ||||||
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71.95 | 72.41 | 69.73 | 72.88 | 75.31 | 75.61 | 1978-2010 | ||||||
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72.32 | 73.05 | 70.52 | 73.75 | 76.41 | 77.41 | 1989-2010 | ||||||
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| - = No Data Reported; — = Not Applicable; NA = Not Available; W = Withheld to avoid disclosure of individual company data. |
| Notes: *Countries listed under OPEC and non-OPEC are based on current affiliations. OPEC and non-OPEC averages are based on affiliations for the stated period of time which may differ from current affiliations. Indonesia withdrew from OPEC in January 2009, Angola joined OPEC in January 2007, Ecuador withdrew from OPEC in January 1993 and rejoined in November 2007, and Gabon withdrew from OPEC in July 1996. Estimated contract prices based on government-selling prices, netback values, or spot market quotations. All prices are f.o.b. at the foreign port of landing except where noted; 30 day payment plan except where noted. Iraq, Kirkuk 36º is the netback price at the U.S. Gulf. Total OPEC is the netback price at the U.S. Gulf. Total World, United States, OPEC, and Non-OPEC are average prices (f.o.b.) weighted by estimated export volume. Egypt, Suez Blend 33º is on 60 days credit. Effective with the week ending July 6, 2007, Llolyd Blend crude stream data are no longer available; a similar crude stream Heavy Hardisty has replaced this category. Brunei, Seria Light 37º contract prices are no longer available for use in weekly calculations. Russia, Urals 32º price (f.o.b.) to Mediterranean destinations; also called Urals. United States average price (f.o.b.) is weighted by estimated import volume. The Canadian crude prices have been changed to U.S. dollars. See Definitions, Sources, and Notes link above for more information on this table. |
| Release Date: 3/10/2010 |
| Next Release Date: 3/17/2010 |
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