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The 2018 Balikpapan oil spill was an oil spill off the coast from the city of Balikpapan, Indonesia. It was caused by a cracked pipeline linked to a Pertamina refinery in the city. A blaze that occurred when the oil spill caught on fire had killed five residents who were in the bay, in addition to causing respiratory problems in the city.
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).
This page is subject to the extended confirmed restriction related to the Arab-Israeli conflict. West Texas Intermediate oil price history from 1950–2000, adjusted for inflation (1947 prices) In October 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC) announced that it was implementing a total oil embargo against countries that had supported Israel at any point during the ...