The line graph depicts the oil prices per barrel starting from 2 dollars to over 140 dollars between the year 1973 to 2009.
By scrutinizing the graph, it is observed that the cost in oil showed fluctuations from 1978 to 2003, however, it showed a drastic rise and at last got declined by January 2009.
To embark, the price of oil was about 2 bucks in 1973 and was escalating slowly till 1978 where it reached to approximate 20 dollars. Furthermore, starting from the year 1980 it initiated gradually spiking 40 dollars by 1980. Moreover, the money began to deduce from 1981 to 1985 and after that it showed pots of ups and downs until 2003.
Finally, after 2003 the oils demand had had been rose up by 60 dollars in 2006, however, from the 2007 there had been observed sky rocketing increase in price of oil and in mid of 2007 it reached on its peak of over 140 dollars which was not observed from last 2 decades. Lastly, the prices speedily came down over 40 dollars by January, 2009.