Question

How much was a barrel of oil in 2010-2014? (USD)

Answer 1

The price of a barrel of oil fluctuated during 2010-2014, with an average ranging from approximately $75 to $110 USD per barrel.

Step-by-step explanation:

Between 2010 and 2014, the price of oil experienced significant volatility due to a variety of factors, including geopolitical events, economic conditions, and fluctuations in global demand and supply. The average price of a barrel of oil during this period ranged from around $75 to $110 USD. These figures represent a composite of the annual average prices, considering the high and low points within each year.

To arrive at these averages, one would need to sum up the annual prices for each year in the specified period and then divide the total by the number of years. For instance, if the annual prices for 2010 to 2014 were $80, $90, $100, $110, and $85, the average would be calculated as
`\((80 + 90 + 100 + 110 + 85)/(5) = \$93 USD\).` This calculation provides a representative figure for the average price over the specified time frame, offering a more comprehensive understanding of the oil market's performance during that period. The given range reflects the fluctuations and uncertainties characterizing the oil market during those years.

Answer 2

The average price of a barrel of oil fluctuated between $71.21 and $96.94 USD from 2010 to 2014.

Step-by-step explanation:

During the period from 2010 to 2014, the price of a barrel of oil experienced notable variations due to global economic conditions, geopolitical events, and changes in demand and supply. In 2010, the average annual price per barrel was approximately $79.50, witnessing a modest increase from the previous year.

However, the subsequent years saw more significant fluctuations. In 2011, the average price surged to around $96.21, primarily driven by increased global demand and geopolitical tensions. The following year, 2012, witnessed a slight decline, with the average price settling at approximately $94.05.

The year 2013 marked a noteworthy drop in oil prices, with the annual average falling to around $91.17. This decline was attributed to factors such as increased production in some oil-rich nations and a sluggish global economy. In 2014, the average price continued its downward trend, reaching approximately $85.55 per barrel.

Economic uncertainties, coupled with a surplus in oil production, contributed to this decline. Overall, the average price of a barrel of oil during this period ranged from a low of $71.21 in 2010 to a high of $96.94 in 2011, reflecting the dynamic nature of the global oil market during those years.