Source: US Energy Information Agency.

Cost of Finding Oil, 1977-2000

The cost of finding new oil and gas reserves has declined significantly since 1977. A new barrel of oil that cost about $15 to find in 1977, costs about $6 to find today. Reserve cost reductions occurred primarily because of significant improvements in exploration and development technology.

Copyright © 1998-2008, Dr. Jean-Paul Rodrigue, Dept. of Economics & Geography, Hofstra University. For personal or classroom use ONLY. This material (including graphics) is not public domain and cannot be published, in whole or in part, in ANY form (printed or electronic) and on any media without consent. Permission MUST be requested prior to use.