In 2008 the average cost of oil was $99.57 a barrel. The world was then consuming some 88mm barrels of crude a day, that amounted to a total annualized cost of $3,200bn. By mid 2009, the average price of crude oil had fallen to about $50 a barrel. Just this item represented an annualized saving of $1,600bn. The table below shows the Annual Average Crude Oil Price from 1946 to 2008. Prices are adjusted for inflation to November 2008 prices using the Consumer Price Index. The average price for Brent oil per barrel for 2009 was $60.94.