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The price of crude oil in 2003 traded in a range between $20–$30/bbl. [17] Between 2003 and July 2008, prices steadily rose, reaching $100/bbl in late 2007, coming close to the previous inflation-adjusted peak set in 1980.
In June 2005, crude oil prices broke the psychological barrier of $60 per barrel. From 2005 onwards, the price elasticity of the crude oil market changed significantly. Before 2005 a small increase in oil price lead to an noticeable expansion of the production volume. Later price rises let the production grow only by small numbers.
The 2000s commodities boom, commodities super cycle [1] or China boom was the rise of many physical commodity prices (such as those of food, oil, metals, chemicals and fuels) during the early 21st century (2000–2014), [2] following the Great Commodities Depression of the 1980s and 1990s.
Oil prices peaked in 2008, but are still up roughly ninefold since the late 1990s. Compare these Gold has been on a historic bull run, increasing manyfold since bottoming in the early 2000s.
Oil prices have fallen sharply in recent weeks, with the OPEC basket reaching $21.50 per barrel on December 25, down one-third from highs reached in October 2000. Despite the recent decline, average oil prices for 2000 were the highest (not adjusted for inflation) in seventeen years. (DJ)
During the bull market of the '80s and '90s, the energy sector saw its relative standing decline, dropping to about 5% of the S&P 500 by the year 2000. Oil prices surged again in the run-up to the ...
In the 2000s, this new demand – together with Middle East tension, the falling value of the US dollar, dwindling oil reserves, concerns over peak oil, and oil price speculation – triggered the 2000s energy crisis, which saw the price of oil reach an all-time high of $147.30 per barrel ($926/m 3) in 2008. [citation needed]
U.S. oil price levels of $70 or less “are great for consumers,” said AAA spokesman Andrew Gross. Crude oil makes up about half the price of a gallon of gasoline, making crude the key factor on ...