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- 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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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)
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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Price of Oil Questions
Looking for closing price history of nearest month oil futures over last 10 years online for research project? 2 Answershttp://www.inflationdata.com/inflation/Inflation_Rate/Historical_Oil_Prices_Table.asp shows the Annual average domestic crude oil prices from 1946 to the Prese... read more
What is the reason for the massive drop in oil prices from their previous high? 1 AnswerThe oil prices are not determined by standard market forces, i.e. the demand/ supply dynamics. Instead, geopolitics and speculation are decisive factors here. T... read more
Why is the consumer price index stable during a period of high government debt? 1 AnswerGuam'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 fea... 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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The Charge Of Fossil Fuels Plus Abode Heating Alternatives: Fuel experts now expect the price of oil plus gas t.. http://bit.ly/5lt4BW
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Read about oil speculators pushing up the price of fuel; the new ...: Oil speculators push up fuel prices; Pres.. http://bit.ly/6WVqjm
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Ouch. The price of a major car service hurts. Oil changes from here on out.
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The Price of a leaking oil tank http://ow.ly/DHJG
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I need to price some coconut oil...my hair is kinda mad at me...I haven't re-uped on any of my fave hairveda or kbbeautiful products
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