When Americans paid 120 per barrel, Europeans paid only about 76 per barrel.

The 2004 yearly average West Texas Intermediate (WTI) spot price was 41.51 per barrel and that of the OPEC reference basket was 36.05 per barrel.

The budget is based on an oil price of 80 per barrel.

Here is why. The market is now in equilibrium with the price of oil at 120.

Instead of official forecasts of oil use and oil imports going forever up, they can turn down with the 12 dollars a barrel efficiency, down steeply by adding the supply side substitutions at 18 bucks, all implemented at slower rates than we've done before when we paid attention.

The price of oil has increased by 85 over the past 12 months, from 65 a barrel to 120.

According to Apicorp, Iran needs oil to average 127 a barrel in 2012 for its fiscal budget to break even.

In 2010, Tsyvinski and I predicted a 70 80 scenario in Russia in the coming years As oil prices, which had plummeted to 40 per barrel, recovered and surpassed 70 80 barrel, Russia would return to the stagnation of the 1970 s and 1980 s.

They make it very clear to you, the Saudis do, they have to have 94 dollars a barrel to make their social commitments.

This is especially true at times where the price of oil has fallen below 40 per barrel.

Moreover, Russia s budget will be balanced as long as oil prices remain above 110 per barrel.

At the current price of more than 140 a barrel, that implies an import cost of more than 500 billion.

Oil revenues are calculated based on the average price of 37.50 per barrel at the US Dollar conversion rate of 9,500 Rials.

The US would topple Saddam, Iraq's vast oil reserves would be unleashed after a short period of reconstruction, and world petroleum prices would drop to under 20 per barrel.

Moreover, with oil prices back above 100 per barrel, the Gulf states are enjoying a bonanza.

At 40 a barrel, expect oil prices to slow the long run growth rate of the world's potential output by 0.1 per year.

Now that oil price has reached 80 per barrel, Russia s central bank can start buying foreign currency again.

In that case, the price of oil could shoot up to 150 a barrel or more, dealing a heavy blow to the global economy.

World oil prices crossed 40 a barrel in mid summer, and have since climbed to the mid 50's.

By 1998, Russia already had achieved a critical mass of markets and private enterprise, while the financial crash of that year worked like a catharsis, forcing the government to abolish enterprise subsidies that underpinned a devastating budget deficit of some 9 of GDP.

The price of crude oil, which hit a record level of 148 a barrel in July, has since fallen almost 25 , or 36. Whether recent developments in America s economy give reason for hope is now the question.

Libya is considered a highly attractive oil area due to its low cost of oil production (as low as 1 per barrel at some fields), and proximity to European markets.

But if the oil price remains at or near 60 a barrel, expect everyone's forecasts of GDP growth to be reduced by 1 per year.

The war in Iraq contributed in part to the increase in oil prices from 35 per barrel in 2003 to 140 in 2007.

The global economy and the US economy, in particular is growing faster than expected, and world oil prices are above 100 per barrel.

Despite weak economic growth in advanced economies and a slowdown in many emerging markets, oil is already at around 100 per barrel.

Russia s economy may grow by barely 2 this year, with potential growth also at around 3 , despite oil prices being around 100 a barrel.

The blogger asks Who can believe this country exports 100 barrels of oil? Otopia says people waited 1 2 hours outdoors to buy milk.

Oil prices have fallen from above 78 per barrel in mid July to less than 60 in early October.

The 2014 budget assumes an average oil price of 100 per barrel, inflation at 21 , GDP growth at 3 and the official USD IRR exchange rate at 26,000 Iranian rials.

With oil prices back above 100 a barrel this summer and still high money is once again being transferred to the oil exporting countries.

The bill has set the price of oil at 95 per barrel, based on the official exchange rate of 12,260 rials for a U.S. dollar, which has been fixed by the Central Bank of Iran.

The price of oil, at around 70 a barrel, may be half of what it was a year ago, but up from around 40 earlier this year.

And compared with the official forecast, that oil will cost 26 dollars a barrel in 2025, which is half of what we've been paying lately, that will save 70 billion dollars a year, starting quite soon.

If the price of oil had remained at 65 a barrel, the cost of the same volume of imports would have been only 179 billion, and the trade deficit would have been one fifth lower.

Yet, the foreign oil companies get 82 of the increase in the case of oil, this would amount to a windfall for them of 32 a barrel or more.

Indeed, regardless of what OPEC or its members decide, the vicious cycles described here will support oil prices around the world probably in the range of 70 90 per barrel.

Oil prices have surged to more than 100 per barrel, as China, India, and other oil importing countries join the United States in a massive scramble to buy up supplies, especially from the Middle East.

While a few energy exporting countries in the Middle East and elsewhere reap huge profits, the rest of the world is suffering as the price of oil has topped 110 per barrel and that of coal has doubled.

Sustained robust growth and rising aggregate demand have also caused production bottlenecks outside of China, most notably in the agricultural commodity and mining sectors, which have helped lift oil prices to more than 100 per barrel.

By the summer of 2008, just before the collapse of Lehman Brothers, oil prices had doubled over the previous 12 months, reaching a peak of 148 a barrel and delivering the coup de grâce to an already frail and struggling global economy buffeted by financial shocks.

Even that rise was partly a bubble, which collapsed in the second half of 2008, when after oil reached 145, killing global growth the world economy fell into recession.

Most experts predict that such a move would drive the price of oil including the Venezuelan, Nigerian, and other oil that the US, China, and India consume above 100 per barrel.

In this newly competitive environment, oil will trade like any normal commodity, with the Saudi monopoly broken and North American production costs setting a long term price ceiling of around 50 a barrel, for reasons I set out in January.

The Soviet war in Afghanistan was followed by a long term decline in oil prices. The recent price slide to 50 60 per barrel, halving the value of Russia s oil production suggests that history is about to repeat itself.