Crude oil prices behave much as any other commodity with wide price swings in times of shortage or oversupply. The crude oil price cycle may extend over several years. The U.S. industry's price has been heavily regulated through production or price controls throughout much of the twentieth century. In the post World War II era oil prices have averaged $19.27 per barrel in 1996 dollars. Through the same period the median price for crude oil was $15.27 in 1996 prices. That means that only fifty percent of the time from 1947 to 1997 have oil prices exceeded $15.26 per barrel. Prices have only exceeded $22.00 per barrel in response to war or conflict in the Middle East. The long term view is much the same. Since 1869 US crude oil prices adju
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