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United States crude oil prices averaged $30 a barrel in 2003 due to political instability within various oil producing nations. It rose 19% from the average in 2002. [13] The 2003 invasion of Iraq marked a significant event for oil markets because Iraq contains a large amount of global oil reserves. [14]
February 12: Data from the United States Energy Information Administration (EIA) show that U.S. commercial crude oil stocks have fallen to 269.8 million barrels (42,890,000 m 3) for the week ending February 7, 2003. This is the lowest commercial crude oil stock level since 1975, and just slightly below the lower operational inventory level of ...
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.
California's oil output a century ago amounted to it being the fourth-largest crude producer in the U.S., and spawned hundreds of oil drillers, including some of the largest still in existence.
The prices of raw materials were depressed and declining from, roughly, 1982 until 1998. From the mid-1980s to September 2003, the inflation-adjusted price [citation needed] of a barrel of crude oil on NYMEX was generally under $25/barrel.
The decision by Phillips 66 this week to shutter its refinery in Wilmington next year will wipe out more than 8% of the state's crude oil processing capacity. Another refinery shuts down in ...
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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.