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The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis.The world price of oil had peaked in 1980 at over US$35 per barrel (equivalent to $129 per barrel in 2023 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($75 to $28 in 2023 dollars).
While prices have come down since the peak in June, prices were beginning to tick up again. Gas prices hit $3.79 a gallon the week of September 29, 2022, up from $3.73 on September 23, 2022 — an increase of $0.06 per gallon over the last week. [14] Since October 10, 2022, the price of gasoline has gone down again.
Indications of a world oil glut lead to a rapid decline in world oil prices early in 1982. OPEC appears to lose control over world oil prices. March: Damascus closes Iraq's 400,000 bbl/d (64,000 m 3 /d) trans-Syrian oil export pipeline to show support for Iran. March 11: U.S. boycotts Libyan crude. May 24:Iran recaptures Khorramshahr.
A benchmark crude or marker crude is a crude oil that serves as a reference price for ... traded in 1983, with ... crude oil futures and gasoline futures ...
December 14: 640-foot (200 m) oil tanker Argo Merchant runs aground on the Nantucket Shoals, spilling 7.6 million US gallons (29,000 m 3) of No. 6 fuel oil. December: Moderates and OPEC "hawks" disagree on how fast oil prices should rise. Saudi Arabia and United Arab Emirates increase prices by 5 percent, others by 10 percent.
The US is also witnessing a weaker trend in fuel consumption following a 2023 high in prices reached in mid-September. "Gasoline demand has been weak," said the EIA's Barron.
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The average retail price of gasoline was most recently at $3.40 for a regular gallon, up from roughly $2.11 at this time a year ago. The swift increase - 61% over 12 months - has alarmed consumers