Oil Prices During Jimmy Carter's Presidency (1977–1981)
Jimmy Carter served one term, from January 20, 1977 to January 20, 1981. EIA's daily WTI spot series begins in 1986, so this page uses the monthly U.S. crude oil first purchase price.
Crude oil is traded in a global market (EIA). The figures here describe what prices did between inauguration dates; they do not measure the effect of any president or policy.
Term: Jan 20, 1977 – Jan 20, 1981
EIA's daily WTI series begins in 1986, so this term is measured with the monthly U.S. crude oil first purchase price: the average price paid for domestic crude oil when it first changed hands, a different series that is not comparable with WTI spot prices. In February 1977, the first full calendar month of the term, it was $8.56 per barrel; in December 1980, the last, it was $25.83, up $17.27 (201.8%) over the term.
It averaged $13.04 over 47 months, ranging from $8.41 in April 1977 to $25.83 in December 1980. Federal price controls applied to domestic crude oil throughout the term; they were removed in January 1981.
Monthly first purchase price, February 1977 – December 1980
Chart data table (47 rows)
| Period | First purchase price |
|---|---|
| December 1980 | $25.83 |
| November 1980 | $23.99 |
| October 1980 | $23.23 |
| September 1980 | $22.59 |
| August 1980 | $22.62 |
| July 1980 | $22.31 |
| June 1980 | $21.52 |
| May 1980 | $21.05 |
| April 1980 | $20.28 |
| March 1980 | $19.33 |
| February 1980 | $18.86 |
| January 1980 | $17.86 |
| December 1979 | $17.00 |
| November 1979 | $15.52 |
| October 1979 | $15.06 |
| September 1979 | $14.57 |
| August 1979 | $14.00 |
| July 1979 | $13.39 |
| June 1979 | $11.70 |
| May 1979 | $10.71 |
| April 1979 | $10.33 |
| March 1979 | $9.83 |
| February 1979 | $9.69 |
| January 1979 | $9.46 |
| December 1978 | $9.47 |
| November 1978 | $9.20 |
| October 1978 | $9.17 |
| September 1978 | $9.15 |
| August 1978 | $9.05 |
| July 1978 | $8.96 |
| June 1978 | $9.05 |
| May 1978 | $8.81 |
| April 1978 | $8.82 |
| March 1978 | $8.80 |
| February 1978 | $8.86 |
| January 1978 | $8.71 |
| December 1977 | $8.81 |
| November 1977 | $8.69 |
| October 1977 | $8.72 |
| September 1977 | $8.43 |
| August 1977 | $8.45 |
| July 1977 | $8.47 |
| June 1977 | $8.44 |
| May 1977 | $8.49 |
| April 1977 | $8.41 |
| March 1977 | $8.45 |
| February 1977 | $8.56 |
In September 2026 dollars (CPI-U), the term began and ended at $48.80 and $100.85, and averaged $60.33. Of the 3 terms measured with the monthly U.S. crude oil first purchase price, this term's average is 2nd highest both in nominal terms and adjusted for inflation.
The average was higher by $5.25 (67.5%) than in the previous term, Gerald Ford's term ($7.78).
Highs, lows and term figures
| Measure | First purchase price |
|---|---|
| First observation in the term | $8.56 February 1977 |
| Last observation in the term | $25.83 December 1980 |
| Change | +$17.27 |
| Change, % | +201.8% |
| Term average | $13.04 |
| High | $25.83 December 1980 |
| Low | $8.41 April 1977 |
| Months | 47 |
| First observation, September 2026 $ | $48.80 |
| Last observation, September 2026 $ | $100.85 |
| Term average, September 2026 $ | $60.33 |
Monthly averages
| Month | First purchase price | Real |
|---|---|---|
| February 1977 | $8.56 | $48.80 |
| March 1977 | $8.45 | $47.85 |
| April 1977 | $8.41 | $47.23 |
| May 1977 | $8.49 | $47.44 |
| June 1977 | $8.44 | $46.85 |
| July 1977 | $8.47 | $46.78 |
| August 1977 | $8.45 | $46.52 |
| September 1977 | $8.43 | $46.26 |
| October 1977 | $8.72 | $47.70 |
| November 1977 | $8.69 | $47.30 |
| December 1977 | $8.81 | $47.80 |
| January 1978 | $8.71 | $46.96 |
| February 1978 | $8.86 | $47.46 |
| March 1978 | $8.80 | $46.77 |
| April 1978 | $8.82 | $46.51 |
| May 1978 | $8.81 | $46.02 |
| June 1978 | $9.05 | $46.77 |
| July 1978 | $8.96 | $45.95 |
| August 1978 | $9.05 | $46.20 |
| September 1978 | $9.15 | $46.36 |
| October 1978 | $9.17 | $46.05 |
| November 1978 | $9.20 | $45.99 |
| December 1978 | $9.47 | $47.13 |
| January 1979 | $9.46 | $46.67 |
| February 1979 | $9.69 | $47.25 |
| March 1979 | $9.83 | $47.45 |
| April 1979 | $10.33 | $49.30 |
| May 1979 | $10.71 | $50.47 |
| June 1979 | $11.70 | $54.53 |
| July 1979 | $13.39 | $61.72 |
| August 1979 | $14.00 | $63.92 |
| September 1979 | $14.57 | $65.81 |
| October 1979 | $15.06 | $67.48 |
| November 1979 | $15.52 | $68.90 |
| December 1979 | $17.00 | $74.68 |
| January 1980 | $17.86 | $77.35 |
| February 1980 | $18.86 | $80.54 |
| March 1980 | $19.33 | $81.31 |
| April 1980 | $20.28 | $84.36 |
| May 1980 | $21.05 | $86.71 |
| June 1980 | $21.52 | $87.68 |
| July 1980 | $22.31 | $90.90 |
| August 1980 | $22.62 | $91.50 |
| September 1980 | $22.59 | $90.61 |
| October 1980 | $23.23 | $92.30 |
| November 1980 | $23.99 | $94.54 |
| December 1980 | $25.83 | $100.85 |
Only months lying entirely within the term are listed.
Annual averages
| Year | First purchase price | Real |
|---|---|---|
| 1977 ‡ | $8.57 | $47.65 |
| 1978 | $9.00 | $46.51 |
| 1979 | $12.64 | $58.66 |
| 1980 | $21.59 | $88.28 |
‡ Only part of the year falls in the term; the figure is the whole calendar year's average.
Compared with adjacent terms
| Term | First | Last | Change | Average | Average, real | Average vs this term |
|---|---|---|---|---|---|---|
| Gerald Ford, 1974–1977 | $6.70 | $8.62 | +28.7% | $7.78 | $47.85 | −40.3% |
| This term (1977–1981) | $8.56 | $25.83 | +201.8% | $13.04 | $60.33 | — |
| Ronald Reagan, first term, 1981–1985 | $34.30 | $25.05 | −27.0% | $28.07 | $97.21 | +115.3% |
Sources
- What drives crude oil prices: Spot prices — U.S. Energy Information Administration
- The Constitution: Amendments 11-27 (Amendment XX, Section 1) — National Archives
- Past Inaugural Ceremonies — Joint Congressional Committee on Inaugural Ceremonies
- Table Definitions, Sources, and Explanatory Notes: Domestic Crude Oil First Purchase Prices — U.S. Energy Information Administration
- Executive Order 12287: Decontrol of crude oil and refined petroleum products — National Archives, Office of the Federal Register
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | F000000__3 — U.S. crude oil first purchase price (monthly, annual) | $/bbl | February 1977 – December 1980 | — |
| U.S. Bureau of Labor Statistics | CUUR0000SA0 — CPI-U, all items, NSA | index, 1982–84=100 | monthly and annual average | September 2026 |
Term boundaries are inauguration dates. Under the 20th Amendment a term begins at noon on January 20; Gerald Ford was sworn in on August 9, 1974. When January 20 fell on a Sunday (1985 and 2013) the public ceremony was held on January 21, but the term began on January 20. A term runs up to, not including, the next term's first day.
U.S. crude oil first purchase price (monthly): only calendar months lying entirely within the term are counted, so the months containing inauguration dates are left out. The first and last observations are the first and last such months, and the term average is the mean of their values. This series is never combined with WTI.
A term is shown when its series covers at least half of it. Inflation adjustment: real = nominal × CPI-U(September 2026) ÷ CPI-U(month of the observation); the real term average is the mean of the adjusted observations. Observations in a month with no published CPI-U (including the latest month, until BLS publishes it) are left out of real figures, and the months left out are listed.
Last updated: Oct 21, 2026, 5:27 PM CDT. Raw values are shown in source units; any conversion is labeled. See methodology and data sources.
Download:Jimmy Carter term data (CSV)