.png) Medium term crude oil prices Jan. 2003 – Nov. 2008, (not adjusted for inflation) | |
| Date | 2003–2008 |
|---|---|
| Also known as | Third oil crisis |
| Part of a series on the |
| Great Recession |
|---|
| Timeline |
From the mid-1980s to September 2003, the inflation-adjusted price of a barrel of crude oil on NYMEX was generally under US$25/barrel in 2008 dollars. During 2003, the price rose above $30, reached $60 by 11 August 2005, and peaked at $147.30 in July 2008.[1] Commentators attributed these price increases to many factors, including Middle East tension, soaring demand from China,[2] the falling value of the U.S. dollar, reports showing a decline in petroleum reserves,[3][4] worries over peak oil,[5] and financial speculation.[6]
For a time, geopolitical events and natural disasters had strong short-term effects on oil prices, such as North Korean missile tests,[7] the 2006 conflict between Israel and Lebanon,[8] worries over Iranian nuclear plans in 2006,[9] Hurricane Katrina,[10] and various other factors.[11] By 2008, such pressures appeared to have an insignificant impact on oil prices given the onset of the global recession.[12] The recession caused demand for energy to shrink in late 2008, with oil prices collapsing from the July 2008 high of $147 to a December 2008 low of $32.[13] However, it has been disputed that the laws of supply and demand of oil could have been responsible for an almost 80% drop in the oil price within a six-month period.[14] Oil prices stabilized by August 2009 and generally remained in a broad trading range between $70 and $120 through November 2014,[15] before returning to 2003 pre-crisis levels by early 2016, as US production increased dramatically. The United States went on to become the largest oil producer by 2018.[16]
- ^ "Crude Oil EmiNY Weekly Commodity Futures Price Chart: NYMEX". tfc-charts.com. Archived from the original on 2 May 2014. Retrieved 1 May 2018.
- ^ Cite error: The named reference
bbc200was invoked but never defined (see the help page). - ^ "US Markets-Oil". Reuters. Archived from the original on 2 May 2022. Retrieved 27 December 2008.
- ^ "Record oil price sets the scene for $200 next year". AME. 6 July 2006. Archived from the original on 14 December 2007. Retrieved 29 November 2007.
- ^ "Peak Oil News Clearinghouse". EnergyBulletin.net. Archived from the original on 17 December 2008. Retrieved 27 December 2008.
- ^ "The Hike in Oil Prices: Speculation – But Not Manipulation". Archived from the original on 18 May 2012. Retrieved 27 December 2008.
- ^ "Missile tension sends oil surging". CNN. Archived from the original on 24 December 2009. Retrieved 21 April 2010.
- ^ "Oil hits $100 barrel". BBC News. 2 January 2008. Archived from the original on 13 December 2009. Retrieved 31 December 2009.
- ^ "Iran nuclear fears fuel oil price". BBC News. 6 February 2006. Archived from the original on 9 January 2010. Retrieved 31 December 2009.
- ^ "We're sorry, that page can't be found" (PDF). fpc.state.gov. 6 February 2017. Archived from the original (PDF) on 15 March 2018. Retrieved 1 May 2018.
- ^ Gross, Daniel (5 January 2008). "Gas Bubble: Oil is at $100 per barrel. Get used to it". Slate. Archived from the original on 17 October 2008. Retrieved 27 December 2008.
- ^ "Oil Prices Fall As Gustav Hits". Sky News. 2 September 2008. Archived from the original on 22 June 2009. Retrieved 5 May 2009.
- ^ Tuttle, Robert; Galal, Ola (10 May 2010). "Oil Ministers See Demand Rising, Price May Exceed $85". Bloomberg News. Archived from the original on 6 February 2016. Retrieved 14 January 2016.
- ^ "Leaked Documents Reveal Major Speculators Behind 2008 Oil Price Shock: Hedge Funds, Koch, Big Banks, Oil Companies". Retrieved 25 August 2018.
- ^ "Europe Brent Crude Oil Spot Price FOB (DOE)". Quandl. Archived from the original on 27 March 2013. Retrieved 1 January 2016.
- ^ "The United States is now the largest global crude oil producer - Today in Energy". U.S. Energy Information Administration (EIA).