Historically, oil prices have gone on quite a roller coaster ride.
The downward portions may not be as extreme as what’s transpired in recent days, when the price of a barrel of oil plummeted to $11.36 as of Tuesday, but the price of oil has gone up and down like a yo-yo for decades, for various reasons.
Here’s a summary of the wild ride of oil prices as broken down by decade over the past 70 years, according to Macrotrends.
Note: The reported prices below are figures adjusted for rate of inflation.
1950s and 1960s: A flat curve
There wasn’t a whole lot of fluctuation in this time period of the Baby Boomers.
In 1950, the price per barrel was $28.23. In 1960, the price started off at $26.16. By the time the ’60s ended, the price fell to $22.87 in January 1970.