Historically, crude oil or petroleum prices in the United States have been affected by a variety of global factors. In the beginning of the 20th century, crude oil production began to be controlled by the US government, with restrictions on the amount of production and price to conserve this valuable energy source. Following the Second World War, demand for petroleum could not be met through local production alone, and the US started importing increasing quantities of crude oil.

Up until the 1972 war between Israel and Syria and Egypt, global crude oil prices were fairly stable at about $3 a barrel. An oil embargo by major oil-producing countries in 1973 led to the first steep increase in crude oil prices, to $12 a barrel. Following the Iran revolution of 1979 and the Iran-Iraq war, crude oil prices rose to $35 a barrel by 1981. However, by 1986, the OPEC cartel