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A barrel of crude cost $68 in 1983 (adjusted for inflation) — and just $33 in 2003.
A year ago a barrel of Brent crude cost $110; today it is $60 (see article).
In a recent paper, Mr. Blanchflower and Mr. Oswald even put a crude cost on certain life conditions.
Exxon said a barrel of crude cost $5 less in the fourth quarter compared with the cost a year earlier.
Brendan Sarsfield, chair of the G15 group of London's largest associations, says salaries should reflect the value that chiefs bring rather than the crude cost.
Normally, when oil prices are rising, futures contracts for crude cost less than spot prices, a phenomenon called backwardation.
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A year ago, a barrel of crude oil cost less than $60; on Monday light, sweet crude for July delivery traded at $127.58.
When the New York Mercantile Exchange closed the day before Thanksgiving, a barrel of crude oil cost over $97, roughly matching the inflation-adjusted record high set in 1980.
Since July 1, when a barrel of crude oil cost $38.74, the average intraday trading range has jumped to just under $1.16, from just over $1.04 for the three months ended in June, and 79 cents in the last six months of last year.
A barrel of crude oil cost just $20 in early 2002.
Exxon's quarterly profit was its lowest in six years and fell by two-thirds from 2008, when crude oil cost around twice its current price.
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