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In the middle of the financial crisis of 2007–2008, the price of oil underwent a significant decrease after the record peak of US$147.27 it reached on 11 July 2008. On 23 December 2008, WTI crude oil spot price fell to US$30.28 a barrel, the lowest since the financial crisis of 2007–2008 began. The price sharply rebounded after the crisis ...
Record-setting oil prices in the first half of 2008 and economic weakness in the second half of the year prompted a 1.2 Mbbl (190,000 m 3)/day contraction in US consumption of petroleum products, representing 5.8% of total US consumption, the largest annual decline since 1980 at the climax of the 1979 energy crisis.
Caballero, Farhi, and Gourinchas argued "that the sharp rise in oil prices following the subprime crisis – nearly 100 percent in just a matter of months and on the face of recessionary shocks – was the result of a speculative response to the financial crisis itself, in an attempt to rebuild asset supply.
Layton is referencing the period when oil prices spiked before the onset of the Global Financial Crisis, rising from $50 per barrel in mid-2006 to $140 per barrel by late 2007 as strong demand ...
Oil supplies remained high, and Saudi Arabia assured an increase in production to counteract shutdowns. Still, the Mideast and North African crisis led to a rise in oil prices to the highest level in two years, with gasoline prices following. Though most Libyan oil went to Europe, all oil prices reacted.
In July 2008, oil peaked at $147.30 [51] a barrel and a gallon of gasoline was more than $4 across most of the US. The high of 2008 may have been part of broader pattern of spiking instability in the price of oil over the preceding decade. [52] This pattern of instability in oil price may be a product of peak oil.
Here are some key takeaways from the timeline of soaring gas prices: American drivers had it rough back in 1981 as the average price of gasoline spiked to $1.35 a gallon that year — up from $1. ...
American drivers had it rough back in 1981. The average price of gasoline spiked to $1.353 a gallon that year -- up from $1.221 in 1980 and more than double the price just three years earlier....