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USAFacts
USAFacts
National

How have oil prices changed in the US?

Oil United States crude oil the US Energy Information Administration China Economy OPEC

The spot price[1] for a barrel of oil more than doubled between 2020 and 2022, from an average of $44.28 to $94.90. By October 2023, the price per barrel had gone down to $88.03.

Several factors have influenced fluctuations in oil prices in recent years, and its price could foreshadow the direction of the broader economy.

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