The Economic Research division at the Federal Reserve Bank of St. Louis publishes a chart of historical prices for West Texas Intermediate Crude Oil. The interactive chart visually displays price movements from 1986 to the present and is based on data collected by the U.S. Energy Information Administration, according to its website.
A chart of inflated-adjusted WTI crude oil prices per barrel from 1948 to the present, also based on Energy department data, is available at MacroTrends.net.
West Texas Intermediate crude is also known as light, sweet oil and is refined as gasoline. WTI crude is North American oil that is processed through a major trading hub in Cushing, Oklahoma. The WTI price is used as one of the global benchmarks in commodities trading, according to Investopedia.com. Price benchmarks are usually associated with a specific location because of the cost of transportation. Other important benchmark prices are Brent Blend, from the North Sea, and Dubai/Oman, from the Middle East.
WTI crude is colloquially known as black gold or Texas tea, but oil processed through Cushing comes from other states, including Oklahoma and Louisiana. The Cushing location also processes Canada tar sands oil and oil from the Bakken shale formation in North Dakota, according to FuelFix.com.