How much did a barrel of oil cost prior to the 1973 crisis?

Prior to the 1973 oil crisis, the price of a barrel of oil was relatively stable, typically ranging from $2 to $3. This period of low prices was largely due to the dominance of the U.S. in oil production and the lack of significant geopolitical tensions affecting supply. The crisis dramatically changed the landscape, leading to sharp increases in oil prices that would have lasting economic impacts.