The average wellhead price of crude oil increased $1.53 to $40.40 in July from June. The monthly average price was $2.16 higher than the average price in the same month last year. The record high monthly average was set in June 2008 at $123.77 per barrel. The record low monthly average was set in December 1998 at $8.63 per barrel.
The annual average price of $36.22 for 2016 was a decrease of $3.88 from $40.10 in 2015. The annual average price of $40.10 for 2015 was a decrease of $42.72 from $82.82 in 2014. The annual average price of $82.82 for 2014 was a decrease of $4.62 from $87.44 in 2013. The annual average for 2013 was within cents of the record high of $87.99 set in 2008. The annual average for 2008 remains the record high rising above the previous records set each year from 2004 to 2008. Before 2004, the record high had been $35.32 set in 1981. The annual average record low was set in 1978 at $11.40 per barrel. In earlier years, the record low could have been lower, but 1978 is the earliest data recorded.