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Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
In mid 2023 the retail price of a litre of petrol was 24 lira (a tad under 1 USD at that time so slightly less than the USA price [68]) and diesel cost slightly less. [69] The government says that it varies the special consumption tax to try and smooth out retail price variations due to oil price and exchange rate fluctuations. [70]
Shell USA, Inc. (formerly Shell Oil Company, Inc.) is the United States–based wholly owned subsidiary of Shell plc, a UK-based transnational corporation "oil major" which is among the largest oil companies in the world. Approximately 18,000 Shell employees are based in the U.S.
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In June 2005, crude oil prices broke the psychological barrier of $60 per barrel. From 2005 onwards, the price elasticity of the crude oil market changed significantly. Before 2005 a small increase in oil price lead to an noticeable expansion of the production volume. Later price rises let the production grow only by small numbers.
Royal Dutch Shell announced in 2006 that its Shell ICP technology would realize a profit when crude oil prices are higher than $30 per barrel ($190/m 3), while some technologies at full-scale production assert profitability at oil prices even lower than $20 per barrel ($130/m 3). [13] [77]