Earliest year I could find was 1861 - price of crude oil was .49 a barrel (nominal) or $10.81 (2005 $ equivalent) - see the charts at the links
http://www.ctv.ca/generic/WebSpecials/oi…
http://www.forbes.com/static_html/oil/20…The price of oil in 1858?
By 1861, the count of oil wells in the area was over 400 rigs, and oil was going for the price of $10 a barrel. This year, 2008, the town of Oil Springs, Ontario celebrates the 150th anniversary of the “First Oil Well 1858”.The price of oil in 1858?
At that time there were no cars and oil was used for medicine, called Rock Oil. it sold for $40 a barrel.
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