The average wellhead price of crude oil increased $5.53 to $50.24 in May from April. The monthly average price was $41.31 lower than the average price in the same month last year. The record high was set in June 2008 at $123.77 per barrel.
The annual average price of $82.72 for 2014 was a decrease of $4.72 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.