<P> The 1980s oil glut was a serious surplus of crude oil caused by falling demand following the 1970s energy crisis . The world price of oil , which had peaked in 1980 at over US $ 35 per barrel ( equivalent to $104 per barrel in 2008 dollars , when adjusted for inflation ) , fell in 1986 from $27 to below $10 ( $60 to $22 in 2008 dollars ) . The glut began in the early 1980s as a result of slowed economic activity in industrial countries ( due to the crises of the 1970s , especially in 1973 and 1979 ) and the energy conservation spurred by high fuel prices . The inflation - adjusted real 2004 dollar value of oil fell from an average of $78.2 in 1981 to an average of $26.8 per barrel in 1986 . </P>
<P> The 1980s oil glut was a serious surplus of crude oil caused by falling demand following the 1970s energy crisis . The world price of oil , which had peaked in 1980 at over US $ 35 per barrel ( equivalent to $104 per barrel in 2008 dollars , when adjusted for inflation ) , fell in 1986 from $27 to below $10 ( $60 to $22 in 2008 dollars ) . The glut began in the early 1980s as a result of slowed economic activity in industrial countries ( due to the crises of the 1970s , especially in 1973 and 1979 ) and the energy conservation spurred by high fuel prices . The inflation - adjusted real 2004 dollar value of oil fell from an average of $78.2 in 1981 to an average of $26.8 per barrel in 1986 . </P>
what was the price of oil in 1980
what was the price of oil in 1980
over US $ 35 per barrel ( equivalent to $104 per barrel in 2008 dollars , when adjusted for inflation )
over US $ 35 per barrel ( equivalent to $104 per barrel in 2008 dollars , when adjusted for inflation )