The price of standard crude oil on NYMEX was under $25/barrel in September 2003. By August 11, 2005, the price had been above $60/barrel for over a week and a half. A record price of $75.35 per barrel was reached, due in part to Iran's nuclear crisis, on April 21, 2006. While oil prices are considerably higher than a year ago, they are still roughly $14 from exceeding the inflation-adjusted "peak of the 1980 shock, when prices were over $90 a barrel in today’s prices".

In the United States gasoline prices reached an all-time high during the first week of September 2005 in the aftermath of Hurricane Katrina. The average retail price was nearly $3.04 per gallon. The previous high was $2.38 per gallon in March 1981, which would be $3.03 per gallon after adjustment for inflation.

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