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The price of oil rose above $100 a barrel on February 19, 2008, and skyrocketed up to $138.54 on June 6, 2008, a new record. Because gasoline is refined from crude oil, any increase in the price of oil will also force up the price of gasoline. On May 29, the United States government announced it would investigate whether oil speculators were manipulating prices.
After June, 2008, oil prices dropped to a low of $33 a barrel in December 2008, then started a slow climb back upward. On May 20, 2009, the most active contract for oil settled above $60 a barrel since early November, 2008.CNN Money: Oil ends above $60 - 1st time since November (May 20, 2009)
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Fast Facts
- May 20, 2009: Oil closed at $62.04CNN Money: Oil ends above $60 - 1st time since November (May 20, 2009)
- June 6, 2008: Oil closed at $138.54 per barrel
- May 22, 2008: Oil closed at $135.09 per barrel
- SUV sales are dropping due to high gas prices
- US: 12% tax on gas
- United Kingdom: Over 50% tax on gas
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Causes
The sharp rise in oil prices ending in June 2008 was credited to several factors. Developing countries such as China and India have an increased demand for oil, while supply has not increased at the same rate, thus making oil more valuable. The dollar decreased in value, another factor increasing the price of oil. Investors bought oil futures at high prices with the expectation that the cost would go up; because so many people have demonstrated the belief that oil prices will go up, they are causing prices to escalate.But in June 2008, as the economy began a steep downturn, prices plummeted. At the same time, usage of oil decreased, leading to high crude oil inventories. On May 20, 2009, the US reported inventories of 368.5 million barrels, above the upper boundary of the average range for this time of year.CNN Money: Oil ends above $60 - 1st time since November (May 20, 2009)
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The Mahalo Top 7
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The Associated Press: Oil's Biggest Day Yet Drags Down Stocks
ap.google.com (June 06, 2008) -
Bloomberg.com: Energy Prices
Bloomberg.com: Energy Pricesbloomberg.com -
Wall Street Journal: Oil Prices: Crude Jumps on Dwindling Inventories
blogs.wsj.com (May 20, 2009) -
CNN MOney: Oil ends above $60 - 1st time since November
money.cnn.com (May 20, 2009) -
MLive.com: A Ph.D primer on Oil and Gas Prices
blog.mlive.com (May 31, 2008) -
CNN: Oil Trading Probe May Uncover Manipulation
money.cnn.com (May 30, 2008) -
The New York Times: Oil Prices Take a Nerve-Rattling Jump Past $138
nytimes.com (June 07, 2008)
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The Associated Press: Oil's Biggest Day Yet Drags Down Stocks
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Price of Oil on Twitter Powered by Twitter
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Oil companies are losing money due to price control of PGMA.They will just recover the losses, with big increases, after it has been lifted.
@OinkLife | November 08, 2009 11:24 AM -
@NPmiec #TA_26 the price of electricit rose due to the rise in related goods, fuel oil
@EuniceQuek | November 08, 2009 10:42 AM -
LETTERS : Why America is troubled The price of oil has risen over the past month. When gasoline was $1.35 a gal.. http://bit.ly/4mUMIP
@RealEstateTL | November 08, 2009 10:05 AM -
Source launches oil price tracker: Source launches an exchange-traded product designed to track the price of oil http://bit.ly/GJc4b
@yuppytrader | November 08, 2009 09:37 AM -
Source launches oil price tracker: Source launches an exchange-traded product designed to track the price of oil http://bit.ly/GJc4b
@neilk29 | November 08, 2009 09:35 AM
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Price of Oil on Amazon | View All
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The Truth Behind High Fuel Prices - What Oil Companies Do Not Want You to Know about Gas Prices - $12.99
In 1998 the national price for a gallon of gasoline was $1.09. Why have oil and gas prices skyrocketed since 1998? Look what has happened in the last three years! The path we-re currently on will lead to price spikes, higher prices and "blo...
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Price Pfister BRH-CB0Z Avalon Robe Hook in Oil Rubbed Bronze - $26.65
This designer finish product from Price Pfister features uncompromising craftsmanship throughout and graceful, timeless charm sure to brighten any room! You'll be able to enjoy this item for years to come thanks to superior quality design....
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60 Minutes - The Price of Oil (January 11, 2009) - $17.95
Airdate 1/11/09 The economic model of supply and demand governs the rise and fall of commodity prices, and oil is no exception. But when Wall Street began speculating in the oil futures market, prices experienced the widest swings in hist...
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Questions and Answers About Price of Oil | View All | Ask a Question
View All Price of Oil Questions (1178) | Ask a QuestionLooking for closing price history of nearest month oil futures over last 10 years online for research project? (2 Answers)http://www.inflationdata.com/inflation/Inflation_Rate/Historical_Oil_Prices_Table.asp shows the Annual average domestic crude oil prices from 1946 to the Present the prices are corrected for inflation. also here is a chart showing the crude oil price ... read moreWhat is the reason for the massive drop in oil prices from their previous high? (1 Answer)The oil prices are not determined by standard market forces, i.e. the demand/ supply dynamics. Instead, geopolitics and speculation are decisive factors here. This means that the price of oil ... read moreWhy is the consumer price index stable during a period of high government debt? (1 Answer)Guam's chief economist explained it in an article in a simple way I could actually understand: "Prices are reflective of the demand for goods. If people are fearful of their ... read more
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April 2008
- Yahoo! Finance: Oil hits another record high as dollar tumbles to record low (April 17, 2008)
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March 2008
- Yahoo! Finance: Oil Jumps to New Record on Dollar's Fall: Financial News
