Q:

What are the cheapest oil prices?

A:

Quick Answer

Crude oil was cheapest by the barrel in 1998, when each drum cost just over $17 once adjusted for 2015 prices. The next closest price was recorded in 1946 and cost approximately $19.41 after adjusting for inflation. The price of oil is highly susceptible to the supply and demand of the market.

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Full Answer

The average price of oil in 2014 was approximately $89.08 a barrel. It reached its highest value in June at just over $97, at which point the price began to steadily decline. In November of 2014, prices dropped to approximately $68.62, which was considered the lowest price of 2014.

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