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A combination of factors led a plunge in U.S. oil import requirements and a record high volume of worldwide oil inventories in storage, and a collapse in oil prices that continues into 2016. [77] [78] Between June 2014 and January 2015, according to the World Bank, the collapse in the price of oil was the third largest since 1986. [29]
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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).
Western North Carolina roads are slowly reopening following the devastation from Tropical Storm Helene, but several major thoroughfares remain closed, including Interstate 40. Here's the latest
On January 6, 2016, the price of WTI crude hit another eleven-year low, as it dropped to 32.53 a barrel for the first time since 2009. [85] On January 12, in its seventh losing day, crude oil dropped below $30 for the first time since December 2003, ending the day at $30.44, as gas fell below $1.97. [86]
At least 200 roads are closed in North Carolina as of Sunday morning, including Interstate 40 and Interstate 26 at the Tennessee-North Carolina border, according to the state's road closures map.
U.S. oil production nearly doubled from 2008 levels, due to substantial improvements in shale "fracking" technology in response to record oil prices.The steady rise in additional output, mostly from North Dakota, West Texas, Oklahoma and several other US states eventually led to a plunge in U.S. oil import requirements and a record high volume of worldwide oil inventories in storage.
The North Carolina Department of Transportation estimates it will reopen there by noon Tuesday, Oct. 1. Asheville City and Buncombe County schools will be closed for at least Monday and Tuesday.