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The best source of information on oil prices on the web is the EIA site, but they only go back to 1978. But I found one website with data going back to 1972, and it states that oil was $3.58 per barrel. Usually, this is "bench-mark" crude (a sweet, light crude) and heavier or sour crudes would go for less. Other websites give values around $3.00 See: http://www.farmdoc.uiuc.edu/manage/newsletters/fefo08_10/fefo08_10.html

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