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.