The average wellhead price of crude oil dropped $6.33 to $89.86 in October from September. The monthly average price was $10.73 higher 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 $84.95 for 2012 was a decrease of 53 cents from $85.48 in 2011. The annual average for 2008 is 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.