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U.S. Economic Data
PRICE OF A BARREL OF OIL IN DOLLARS AND IN HOURS OF WORK
Year Nominal Price in Dollars Price in Hours of Work
1890 0.77 5.13
1891 0.56 3.73
1892 0.51 3.42
1893 0.6 4.03
1894 0.72 4.9
1895 1.09 7.47
1896 0.96 6.53
1897 0.68 4.59
1898 0.8 5.37
1899 1.13 7.58
1900 1.19 7.88
1901 0.96 6.11
1902 0.8 4.97
1903 0.94 5.7
1904 0.86 5.15
1905 0.62 3.67
1906 0.73 4.17
1907 0.72 3.96
1908 0.72 3.98
1909 0.7 3.66
1910 0.61 3.14
1911 0.61 3.07
1912 0.74 3.61
1913 0.95 4.4
1914 0.81 3.67
1915 0.64 2.79
1916 1.1 4.35
1917 1.56 5.1
1918 1.98 4.68
1919 2.01 4.26
1920 3.07 5.59
1921 1.73 3.4
1922 1.61 3.34
1923 1.34 2.6
1924 1.43 2.64
1925 1.68 3.11
1926 1.88 3.47
1927 1.3 2.39
1928 1.17 2.1
1929 1.27 2.27
1930 1.19 2.18
1931 0.65 1.28
1932 0.87 1.97
1933 0.67 1.53
1934 1 1.9
1935 0.97 1.78
1936 1.09 1.98
1937 1.18 1.91
1938 1.13 1.82
1939 1.02 1.63
1940 1.02 1.56
1941 1.14 1.57
1942 1.19 1.4
1943 1.2 1.25
1944 1.21 1.2
1945 1.22 1.2
1946 1.41 1.31
1947 1.93 1.59
1948 2.6 1.96
1949 2.54 1.85
1950 2.51 1.74
1951 2.53 1.62
1952 2.53 1.54
1953 2.68 1.54
1954 2.78 1.56
1955 2.77 1.5
1956 2.79 1.43
1957 3.09 1.51
1958 3.01 1.43
1959 2.9 1.32
1960 2.88 1.27
1961 2.89 1.25
1962 2.9 1.21
1963 2.89 1.18
1964 2.88 1.14
1965 2.86 1.1
1966 2.88 1.06
1967 2.92 1.04
1968 2.94 0.98
1969 3.09 0.97
1970 3.18 0.95
1971 3.39 0.95
1972 3.39 0.89
1973 3.89 0.95
1974 6.87 1.55
1975 7.67 1.59
1976 8.19 1.57
1977 8.57 1.51
1978 9 1.46
1979 12.64 1.89
1980 21.59 2.97
1981 31.77 3.98
1982 28.52 3.36
1983 26.19 2.97
1984 25.88 2.82
1985 24.09 2.53
1986 12.51 1.29
1987 15.4 1.55
1988 12.58 1.23
1989 15.86 1.51
1990 20.03 1.85
1991 16.54 1.48
1992 15.99 1.4
1993 14.25 1.21
1994 13.19 1.09
1995 14.62 1.18
1996 18.46 1.44
1997 17.23 1.31
1998 10.88 0.81
1999 15.56 1.12
2000 26.72 1.88
2001 21.84 1.5
2002 22.51 1.47
2003 27.56 1.75
2004 36.77 2.28
2005 50.28 3.04
2006 59.69 3.55
2007 66.52 3.86

Note: To convert Price in Dollars to Price in Hours of Work the wage of a production and non-supervisory manufacturing employee was used.

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