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Real oil prices (in today’s real dollars) peaked above $43 per barrel in 1974 and to $82 in 1980, relative to $30 in 1990 and to $32 in 2000. Even at close to $43 (on July 30), oil remains below it 1980 earlier peak when adjusted for inflation. 2. The speed of the change in price. Oil price volatility hurts both importing and exporting countries. Hedging against it can yield significant economic benefits in the long run C rude oil is still a critical driver of the world economy, and changes in the price of oil have signifi-cant effects on economic growth, de-velopment, and welfare in countries around the world.