Crude oil price in 2004-2006

Average US retail price of regular unleaded gasoline

Oil prices from 1861-2006 in dollars of the day and 2006 dollars. Source: [1] and other publications.

The price of standard crude oil on NYMEX was under $25/barrel in September 2003. By August 11, 2005, the price had been above $60/barrel for over a week and a half. A record price of $70.85 per barrel was reached on August 29, 2005.[2] While oil prices are considerably higher than a year ago, they are still roughly $25 from exceeding the inflation-adjusted "peak of the 1980 shock, when prices were over $90 a barrel in today’s prices" [3]. Download high resolution version (1024x768, 18 KB)Daily oil prices of NYMEX Light Sweet Crude, prepared from data at http://octane. ... Download high resolution version (1024x768, 18 KB)Daily oil prices of NYMEX Light Sweet Crude, prepared from data at http://octane. ... Image File history File links 2005energycrisisgasolineprices. ... Image File history File links 2005energycrisisgasolineprices. ... Image File history File linksMetadata Download high resolution version (1520x638, 252 KB) Summary Crude oil price history from 1861-2006. ... Image File history File linksMetadata Download high resolution version (1520x638, 252 KB) Summary Crude oil price history from 1861-2006. ... Nodding donkey pumping an oil well near Sarnia, Ontario Petroleum (from Greek petra – rock and oleum – oil), crude oil, sometimes colloquially called black gold, is a thick, dark brown or greenish liquid. ... The New York Mercantile Exchange (NYMEX) is the worlds largest physical commodity futures exchange located in New York City. ... August 11 is the 223rd day of the year (224th in leap years) in the Gregorian Calendar. ... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ... August 29 is the 241st day of the year in the Gregorian Calendar (242nd in leap years), with 124 days remaining. ... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ...

In the United States gasoline prices reached an all time high during the first week of September 2005 in the aftermath of Hurricane Katrina. The average retail price was nearly $3.04 per gallon [4]. The previous high was $2.38 per gallon in March 1981, which would be $3.03 per gallon after adjusted for inflation. [5][6]. Hurricane Katrina was the costliest and one of the deadliest hurricanes in American history. ...

Demand

High demand is led by the U.S. market, the source of an increasing percentage of the world's demand for petroleum. The U.S. economy currently accounts for one-quarter of all demand. New demand is also coming from emerging industry in third world nations, including India and especially China which is developing a western-style car culture and whose manufacturing bases have grown very rapidly in recent years. For the Jamaican reggae band, see Third World (band). ... Over the course of the 20th century, the automobile rapidly developed from an expensive technological wonder into the de facto standard for passenger transport. ...

Sources of the world-consumption-increase in 2004 compared to 2003 (total increase of 3.4%), according to U.S. Department of Energy, Energy Information Administration estimates: [7] The United States Department of Energy (DOE) is a Cabinet-level department of the United States government responsible for energy policy and nuclear safety. ... The Energy Information Administration (EIA), as part of the U.S. Department of Energy, collects and disseminates data on energy reserves, production, consumption, distribution, prices, technology, and related international, economic, and financial matters. ...

• China: 38.9%
• US: 19.4%
• Asia outside Japan and China: 13.8%
• Canada: 4%
• UK: 3.5%
• combined other non-OECD: 21%

Note: the total percentage exceeds 100 because the overall demand from all other countries decreased during the same period.. The Organization for Economic Co-operation and Development (OECD) is an international organization of those developed countries that accept the principles of representative democracy and a free market economy. ...

Supply

There are a number of reasons why oil traders feel that oil supplies might be reduced. One of the most important is growing turbulence in the Middle East, the world's largest oil producing region. The war in Iraq, Iran's nuclear program, and questions about Saudi Arabia's internal stability all could in the future lead to a dramatic fall in the supply of oil. Outside the Middle East other oil producers have worried investors such as the strikes and political problems in Venezuela and potential instability in West Africa. There have been three conflicts in the late 20th century and early 21st century called Gulf War, all of which refer to conflicts in the Persian Gulf region: Iran-Iraq War (1980-1988) (aka First Gulf War). ...  Western Africa (UN subregion)  Maghreb West Africa or Western Africa is the westernmost region of the African continent. ...

In late August, 2005, Hurricane Katrina crippled the supply-flow from off-shore rigs in the Gulf Coast, the largest source of oil for the domestic U.S. market. Short-term shutdowns because of power outages knocked out two major on-shore pipelines, and at least 10% of the nation's refining capacity was not operating in the wake of the storm. Gas prices in the region, normally 70 cents below the national average, were at $3.12 on August 30.[8] Hurricane Katrina was the costliest and one of the deadliest hurricanes in American history. ... The Gulf of Mexico is a major body of water bordered and nearly landlocked by North America. ...

World supply (specification) came in at 83 million barrels a day during 2004 in department of energy EIA calculations ([9]). This rate of increase is faster than that of any other date in the past. Despite this there is increasing discussion of peak oil and the possibility that the future may see a reduced supply of oil. Even if oil supplies themselves are not reduced, some experts feel the easily accessible sources of light sweet crude are almost exhausted and in the future the world will depend on more expensive sources of oil. The Hubbert peak theory, also known as peak oil, is an influential theory concerning the long-term rate of conventional oil production and depletion. ... Light, sweet crude is a type of petroleum Benchmarks The most widely used crude oil price benchmarks in the world are West Texas Intermediate (WTI), used primarily in the U.S; Brent, used primarily in Europe; and the OPEC market basket, used around the world. ...

The short term price of oil is partially controlled by the OPEC cartel and the oligopoly of major oil companies. One other important cause is the United States dollar's slump against the Euro. Since oil is traded in dollars, the price must increase for OPEC to maintain buying power in Europe. Logo The Organization of the Petroleum Exporting Countries (OPEC) is made up of Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela; since 1965, its international headquarters have been in Vienna, Austria. ... An oligopoly is market form in which a market is dominated by a small number of sellers (oligopolists). ... This article is about general United States currency. ... The euro (plural euro, symbol: €; banking code: EUR) is the official currency of the European Union and single currency for over 300 million Europeans in the following twelve European Union member states: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain; collectively also known as...

Causes

Some people and news agencies argue that labor strikes, hurricane threats to oil platforms, fires and terrorist threats at refineries, and other general problems are not responsible for the higher gas prices. Critics argue that these problems periodically push price higher, but that they are not fundamental or long term enough to cause the large jump in gas price. A more fundamental problem that some believe is causing the price to rise is the probability of peak oil already or soon to be reached. Not only is there a limited amount of fossil fuels which have been burnt as fuel, but however much remains will be used faster by a growing industrialized world population and what remains will be more difficult to get since the easiest wells have been tapped and the remaining sources will be fought over in resource wars. The Hubbert peak theory, also known as peak oil, is an influential theory concerning the long-term rate of conventional oil production and depletion. ...

Others believe that the price of oil is almost entirely speculative, and that the increase in price is due to oil speculation extending into the long term. These people argue that speculators foresee increasing demand, decreasing supply, or both, leading to a long term increase in the price of oil. If these speculators are wrong, current prices may actually be a price bubble, and the price could thus collapse. A July 14, 2005 Morgan Stanley report[10] suggests that opinions of the oil market could burst just like a bubble if indications of declining Asian demand continue. Currier & Ives print on economic bubbles, 1875. ... Morgan Stanley NYSE: MS is an investment bank, retail broker, and credit card provider with headquarters in New York Citys Times Square. ...

Still others suggest that the main issue is a lack of energy efficiency in industry. These analysts believe the problem would be solved by increasing the efficiency of factories, homes and transportation and easing the demand crunch by using less energy and more renewable energy.

Hidden cost of oil

Critics of the oil industry argue that the true cost (the total costs both visible and hidden paid by western societies to obtain and use oil) of oil and subsquently gasoline are much higher than wholesale oil markets or retail gasoline prices reflect. Some estimates put the real cost of gasoline near $10.00/gallon. The hidden oil/gasoline costs consist mainly of tremendous spending on military protection of world oil supplies. The U.S. alone spends well over $100 Billion per year to ensure the free flow of oil from volatile regions of the world. [11] The argument comes down to this: if such hidden costs were reflected in the wholesale and retail prices, instead of being subsidized by the general taxpayer, oil and gasoline would be far more expensive than they are today. This hidden cost has the effect of providing oil and gasoline a competitive market advantage over other alternative energy schemes.

Spring and summer 2005 increase

Overnight gas price hike shown at a Chicago area bp station (background). The Shell station (foreground) has not yet posted the 12 cent price hike.

After retreating for several months during the winter of 2004/2005, prices rose to new highs in March 2005. The price of light, sweet crude oil on NYMEX has been above $50/barrel since March 5, 2005. On March 16, 2005, the price surpassed the October 2004 high of $55.17 to close at $56.46. In April 2005 the price began to fall, reaching $53.32 on April 9. It then reversed course and headed to an all time high of $58.28, driven mainly by lingering concerns of a prolonged weak dollar. In June 2005 crude oil prices surged to record highs eventually breaking the psychological barrier of $60. Image File history File links Download high resolution version (1400x800, 467 KB)Image of the heightened price of a gallon of gas in the chicagoland area with an overnight hike (background station) with the foreground gas station not yet caught up. ... Image File history File links Download high resolution version (1400x800, 467 KB)Image of the heightened price of a gallon of gas in the chicagoland area with an overnight hike (background station) with the foreground gas station not yet caught up. ... BP plc (LSE: BP, NYSE: BP, TYO: 5051 ), originally British Petroleum, is a British energy company with headquarters in London, one of the four vertically integrated private sector oil, natural gas, and gasoline Super Majors in the world, along with Royal Dutch Shell, ExxonMobil, and Total. ... Royal Dutch Shell plc/Koninklijke Nederlandse Shell NV is a major Anglo-Dutch energy company, one of the three largest Super Majors (vertically integrated private-sector oil, natural gas, and petrol companies) in the world, along with BP and ExxonMobil. ... Nodding donkey pumping an oil well near Sarnia, Ontario Petroleum (from Greek petra – rock and oleum – oil), crude oil, sometimes colloquially called black gold, is a thick, dark brown or greenish liquid. ... The New York Mercantile Exchange (NYMEX) is the worlds largest physical commodity futures exchange located in New York City. ... The dollar is the name of the official currency in several countries, dependencies and other regions (see list below), including the US dollar, the worlds most widely circulated currency (see list below). ... March 5 is the 64th day of the year in the Gregorian Calendar (65th in leap years). ... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ... March 16 is the 75th day of the year in the Gregorian Calendar (76th in Leap years). ... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ... April 9 is the 99th day of the year in the Gregorian calendar (100th in leap years). ... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ...

Saudi Arabian King Fahd's death on August 1, 2005, meant a new regime that may be less amicable to U.S. influence. During mid-August, with a string of refinery snags (fires/other deterrents to oil refining), shrinking gasoline inventories, and a growing thirst for oil by American consumers, New York Mercantile Exchange traded crude oil futures surged past the $66 mark and briefly touched $67/barrel. Over the course of three weeks leading up to August 10, crude oil prices had risen by 13%. The Kingdom of Saudi Arabia is a country on the Arabian Peninsula. ... King Fahd of Saudi Arabia King Fahd bin Abdul Aziz (born in Riyadh in 1923) is the king and prime minister of Saudi Arabia and leader of the House of Saud. ... August 1 is the 213th day of the year in the Gregorian Calendar (214th in leap years), with 152 days remaining. ... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ... For other uses, see United States (disambiguation) and US (disambiguation). ... A refinery is a building and/or the equipment used for refining or processing specific products. ... The New York Mercantile Exchange**** NOTE the AMENX is FAKE, created by york-commodities to scam your money, if you send money you will never see it again**** You have been warned. ... August 10 is the 222nd day of the year (223rd in leap years) in the Gregorian Calendar. ...

While the street price of gasoline usually corresponds to the price of crude oil, refinery capacity can become the governing factor, particularly during periods of high demand. In addition, there are different grades of oil and each refinery is typically configured to process a narrow range of grades. As a result, shortage of a particular grade of oil can keep street prices high, even when overall supply exceeds demand.

Hurricane Katrina (late summer 2005)

Gas price hike shown at a Shell station.

Hurricane Katrina had a major impact on oil and gas prices, especially within the United States. The Gulf Coast is home to a major portion of America's refining capacity. The port of Louisiana is one of its most important inlet for oil imports, and the gulf itself is a major oil producer. Port Fourchon has also suffered long term damage. Louisiana Offshore Oil Port has not. [12] Image File history File links Rita2k5_gas_aftermath. ... Image File history File links Rita2k5_gas_aftermath. ... Royal Dutch Shell plc/Koninklijke Nederlandse Shell NV is a major Anglo-Dutch energy company, one of the three largest Super Majors (vertically integrated private-sector oil, natural gas, and petrol companies) in the world, along with BP and ExxonMobil. ... Hurricane Katrina was the costliest and one of the deadliest hurricanes in American history. ... Port Fourchon is a small community on the southern tip of Lafourche Parish, Louisiana, on the Gulf of Mexico. ... The Louisiana Offshore Oil Port (LOOP) is a deepwater port in the Gulf of Mexico off the coast of Louisiana near the town of Port Fourchon. ...

Gas prices soared after the closing down of the major pipelines connecting the gas of the Louisiana region to the entire East Coast. In Stockbridge, Georgia, regular gas prices came to $5.87 at a BP station. Shortages were feared or experienced in several states including Tennessee [13], Alabama [14], and South Carolina. [15] Many of these were blamed on panic buying. Airports began to report shortages in aviation fuel on 2 September.[16] A shortage could lead to a decrease in food production.[17] Higher prices for heating oil and natural gas were expected as the winter heating season set in.[18] Stockbridge is a city located in Henry County, Georgia. ... September 2 is the 245th day of the year in the Gregorian calendar (246th in leap years). ...

On 5:10 p.m. EDT, on 31 August, President Bush announced the Energy Department was approving loans from the Strategic Petroleum Reserve and that EPA announced nationwide waver on fuel blends. Bush stated, "This storm has disrupted the ability to make gasoline and deliver gasoline," and "This is going to be a difficult road."[19] Many people have observed however that stores of crude oil do little to address inadequate refinery and distribution capacity. August 31 is the 243rd day of the year in the Gregorian calendar (244th in leap years), with 122 days remaining. ...

In order to stabilize world energy supplies, the International Energy Agency offered to sell two million barrels of crude oil and other refined products from national supplies. These supplies would begin entering the US markets within two weeks of 2 September. [20] [21] The press release from the IEA states, "... the implications for the oil market are global."[22] The International Energy Agency (IEA, or AIE in Romance languages) is a Paris-based governmental organisation founded by the Organisation for Economic Co-operation and Development (OECD) in 1974 in the wake of the oil crisis. ... September 2 is the 245th day of the year in the Gregorian calendar (246th in leap years). ...

Winter 2005/2006 increase

On January 17, 2006 crude oil for February delivery rose by $2.38 (3.7%) to $66.30 a barrel. This was the highest increase since early October 2005. Observers believe that violence in Nigeria, and Iran's friction with the West are responsible for this price increase. Continued concerns about Iran raised the price to $68.38 on January 31.[23] However, due to rising stockpiles of crude oil and an abnormally warm winter, as of February 14th, the price of crude had hit a 2006 low of $59.60. [24]

Spring/Summer 2006 increase

On April 12, 2006 crude oil for May delivery traded at a high of $69.60 a barrel. The early Spring runup in prices has been attributed to a number of factors, including continuing supply disruptions from the Summer 2005 hurricane season (18% of Gulf Coast Supplies were still off-line in Spring 06), lingering concerns over Iran and Nigeria, and anticipation of higher Summer demand. The Iranian situation is particularily troubling, as the possibility of an attack on Iran by Western powers looms due to their nuclear ambitions. Such an attack could create serious oil supply disruptions, because Iran sits on the eastern flank of the Straits of Hormuz, the channel in which almost all of the oil from the Persian Gulf flows through on tankers to industrialized nations. Iran could take measures to disrupt that supply if they are attacked. A blockage of the Straits of Hormuz would disrupt a significant percentage of world oil supplies, and could potentially send oil prices to $100.00/barrel or more, which would put gasoline at $3.50/gallon or more. The Strait of Hormuz (تنگه هرمز in Persian) is a relatively narrow stretch of ocean between the Gulf of Oman in the southeast and the Persian Gulf in the southwest. ... Map of the Persian Gulf. ...

Regular gasoline prices were averaging $2.67/gallon in a nationwide survey taken in the Spring '06 [25], many believe that $3.00/gallon gasoline is inevitable in Summer '06, especially if hurricanes are active in the Gulf again (any attack on Iran could also cause a sharp spike in gasoline prices). As of April 11th, 2006 $3.00/gallon gasoline is already being reported in parts of Florida, California and Hawaii. [26] [27]

Effects

There is controversy regarding the potential effects of oil-price shocks. Some see these increases in the price of oil leading to a recession comparable to those that followed the 1973 and 1979 energy crises or a potentially worse situation such as a global oil crash. Most economists see this as unlikely, partly because all developed countries have high fuel taxes that decrease as oil prices increase and can be eliminated in the event of a dramatic price spike. Nevertheless, that loss of revenue would put a strain on government balance sheets. The American Strategic Petroleum Reserve could on its own supply current U.S. demand for about a month in the event of an emergency, unless it is also destroyed in the emergency. This could well be the case if a major storm were to hit the gulf, where the reserve is located. While total consumption has increased [28], the western economies are less reliant on oil than they were twenty-five years ago, due to substantial growths in productivity. In the United States, for instance, each $1000 dollars in GDP required 2.4 barrels of oil in 1973 when adjusted for inflation this number had fallen to 1.15 by 2001. But oil's historically high ratio of Energy Returned on Energy Invested continues a significant decline. Despite the rapid increase in the price of oil, neither the stock markets nor the growth of the global economy have been noticeably affected. Inflation has increased. In the United States, the Consumer Price Index rose by 0.6% compared to 0.2% for September 2005. This was driven by a 4.2% increase in energy costs. As a result during this period the Federal Reserve has rapidly been increasing interest rates to curb inflation. (Redirected from 1973 energy crisis) United States, drivers of vehicles with odd numbered license plates were allowed to purchase gasoline only on odd-numbered days of the month, while drivers with even-numbers were limited to even-numbered days. ... The 1979 (or second) oil crisis occurred in the wake of the Iranian Revolution. ... The oil crash is a predicted global energy crisis caused by the depletion of the worlds petroleum supply. ... The Strategic Petroleum Reserve (SPR) usually refers to an emergency petroleum store maintained by the United States Department of Energy, although in recent years several other countries have created their own SPR, see global strategic petroleum reserves. ... In physics and energy economics, EROEI (energy returned on energy invested) is the ratio between the amount of energy expended to obtain a resource, compared with the amount of energy obtained from that resource. ... The New York Stock Exchange A stock market is a market for the trading of company stock, and derivatives of same; both those securities listed on a stock exchange as well as those only traded privately. ... In economics, a Consumer Price Index (CPI, also retail price index) is a statistical measure of a weighted average of prices of a specified set of goods and services purchased by wage earners in urban areas. ... The Federal Reserve System is headquartered in the Eccles Building on Constitution Avenue in Washington, DC. The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. ... An interest rate is the rental price of money. ...

Economists say that the substitution effect will spur demand for alternate energy sources, such as coal or liquified natural gas. For example, China and India are currently heavily investing in natural gas facilities. Nigeria is working on burning natural gas to produce electricity instead of simply flaring the gas. Outside the US, more than 50% of oil is consumed for stationary, non-transportation purposes such as electricity production where it is relatively easy to substitute natural gas for oil. Consumer theory relates preferences, indifference curves and budget constraints to consumer demand curves. ... This article is in need of attention from an expert on the subject. ... Coal is a fossil fuel extracted from the ground by underground mining or open-pit mining (surface mining). ... Liquified Natural Gas (LNG) is natural gas which has been artificially condensed into a liquid form by a combination of pressurisation and cryogenic cooling. ...

The increased price of oil also makes previously impractical sources of oil attractive to businesses. The most prominent example of this are the massive reserves of the Canadian tar sands. They are a far less cost efficient source of oil than crude, but at 60 dollars a barrel, the tar have recently become very attractive to businesses. Recent months have seen billions of dollars invested in the oil sands. Tar sands, also referred to as oil sands or bituminous sands, are a combination of clay, sand, water, and bitumen. ...

The increased price of oil might also encourage greater fuel efficiency. Recent years have seen a move towards more fuel-thirsty sport utility vehicles in the United States and Canada, and this may be stopped by the high price of gas. The September 2005 sales data for all the vehicles vendor indicated SUV sales dropped while small cars sales increased compared with 2004 sales. There is also an ever increasing market for hybrid vehicles since they are more fuel efficient; since the 1973 energy crisis, the front-wheel drive passenger car has replaced rear-wheel drive as the preferred layout for energy efficient cars. Besides the traditional four-cylinder driving the front wheels, the traditional V8 motor has also made a transition to which displacement on demand has been standardized with modern technology (as opposed to the early 1980s - the Cadillac V8-6-4 was conceived but the technical expertise was not). There is an increasing demand of crossover sport utilities which are more fuel efficient - especially for those based on passenger car platforms. A sport utility vehicle (SUV) or off-roader is a vehicle that combines the load-hauling and passenger-carrying capacity of a large station wagon or minivan with features designed for off-road driving. ... See: Hybrid Vehicle ... (Redirected from 1973 energy crisis) United States, drivers of vehicles with odd numbered license plates were allowed to purchase gasoline only on odd-numbered days of the month, while drivers with even-numbers were limited to even-numbered days. ... In automobile design, an FF, or Front-engine, Front wheel drive, layout places both the engine and driven wheels at the front of the vehicle. ... In Automobile design, an FR, or Front-engine, Rear wheel drive means a layout where the engine is in the front of the vehicle and drive wheels at the rear. ... Displacement on Demand is an automobile variable displacement technology from General Motors. ...

USA stock markets

Three-year performance of the oil industry...

...and one-month performance.

The increase in oil prices over two years was mirrored by an increase in stock values in the energy sector. Energy ETFs like XLE and OIH did well during the period, with XLE's price increases from $26 (01/01/2004) to $54 (3/2/2006), and OIH's price increases from $60 (01/01/2004) to $143(3/2/2006). These two remains the diversified emergy stock play should oil price continue to hold or rise. Image File history File links Performance of the Amex Oil Index (XOI), a price-weighted index designed to measure the performance of the oil industry, over the past three years as of the close of trading on September 2, 2005. ... Image File history File links Performance of the Amex Oil Index (XOI), a price-weighted index designed to measure the performance of the oil industry, over the past three years as of the close of trading on September 2, 2005. ... Image File history File links Performance of the Amex Oil Index (XOI), a price-weighted index designed to measure the performance of the oil industry, over the past month as of the close of trading on September 2, 2005. ... Image File history File links Performance of the Amex Oil Index (XOI), a price-weighted index designed to measure the performance of the oil industry, over the past month as of the close of trading on September 2, 2005. ...

The value of the stock in companies such as Apache[29] and Conoco-Phillips [30] rose sharply during this period. These prices increased more rapidly toward the end of August, particularly after Hurricane Katrina. [31] Hurricane Katrina was the costliest and one of the deadliest hurricanes in American history. ...

Wal-Mart shares continued their decrease in value that began with the increase in the oil prices. Over two years, stock in Wal-Mart dropped in value by 25% from $60 per share to under $45 per share. [32] Earlier in August, Wal-Mart announced that higher than expected oil prices cut into the corporation's profits for the 2nd quarter of 2005. Since oil prices after the end of the 2nd quarter continued to rise, 3rd quarter profits from Wal-Mart are expected to be small. Because Wal-Mart's distribution system relies on the customer to drive to a large discount big-box store, increases in the price of fuel might discourage some customers from making the trip as often. Wal-Mart, like all retailers, will also face higher shipping costs to get goods from the factory to the stores. This will likely cause inflationary pressures. Wal-Mart Stores, Inc. ... Big-box store is a colloquial term used to describe a style of retail store, and by extension to the company behind the store. ...

Asia Pacific region (excludes Australasia)

The Pacific rim had been experiencing this crisis on an ongoing basis prior to Hurricane Katrina. It has been suggested that this article or section be merged with Oceania. ... Map of the Pacific Rim and List of the Pacific Rim Nations The USS Abraham Lincoln Battle Group along with ships from Australia, Chile, Japan, Canada, and Korea speed towards Honolulu in RIMPAC 2000. ...

• In the Philippines, the oil crisis caused its public to call for immediate government assistance. [33] New sources of energy were sought to deal with the crisis.[34]
• A senior minister of Singapore expressed concern at the oil crisis in Indonesia.[35]
• The Indonesian president had instituted subsidies to control the price of gasoline.[36]

Sub-Saharan Africa

High oil prices are hurting many countries in Africa, including Zimbabwe, Eritrea and Tanzania. High oil prices have created an oil supply instability, per barrel price instability or both. In some cases this has led to fuel rationing being enacted. A satellite composite image of Africa Africa is the worlds second-largest and second-most populous continent, after Asia. ...

• Many countries in Sub-Saharan Africa lack the foreign exchange reserves (ie, Dollars) to purchase enough oil products at the ever increasingly higher prices. These nations must resort to limiting imports or rationing their existing supplies.

Latin America and Caribbean

Venezuela's president, Hugo Chávez, came under increasing scrutiny as he began selling oil at lower-than-market prices to island nations in the Caribbean. [37] Hugo Rafael Chávez Frías (IPA: ; born July 28, 1954) is the 53rd[1] and current President of Venezuela. ...

• At the same time, Cuba has experienced electricity shortages.

Gulf States and Eurasian Arab-Islamic regions

Iran came under increasing pressure from the European Union in regard to their program to build nuclear power plants.[38]

See also

• 1990 spike in the price of oil
• 1979 energy crisis
• 1973 oil crisis
• Energy crisis
• Hubbert curve and Hubbert peak
• List of recessions
• Petroleum
• Oil Storm, a mockumentary about a 2005-2006 energy crisis.
• Rimini protocol
• Energy policy of USA

The 1990 (or third) energy crisis was the mildest and most brief of them all. ... The 1979 (or second) oil crisis occurred in the wake of the Iranian Revolution. ... At the height of the crisis in the United States, drivers of vehicles with odd numbered license plates were allowed to purchase gasoline only on odd-numbered days of the month, while drivers with even-numbers were limited to even-numbered days. ... An energy crisis is any great shortfall (or price rise) in the supply of energy resources to an economy. ... The Hubbert curve, named after the geophysicist M. King Hubbert, is the derivative of the logistic curve. ... The Hubbert peak theory, also known as peak oil, is an influential theory concerning the long-term rate of conventional oil (and other fossil fuel) extraction and depletion. ... This is a list of notable recessions, depressions and downturns. ... Pumpjack pumping an oil well near Sarnia, Ontario Petroleum (from Greek petra – rock and elaion – oil or Latin oleum – oil ), crude oil, sometimes colloquially called black gold or Texas Tea, is a thick, dark brown or greenish liquid. ... Oil Storm is a 2005 television docudrama portraying a future oil-shortage crisis in the United States, precipitated by a hurricane destroying key parts of the United States oil infrastructure. ... Mockumentary, a portmanteau of mock documentary (also fictional documentary or false documentary), is a film and TV genre, or a single work of the genre. ... The Rimini Protocol (also called Uppsala Protocol) is a proposal made by the geologist Colin Campbell in order to keep prices of oil down and minimize the effects of peak oil. ... ...

External links and sources

• Oil Prices and the Iraq War: Market Interpretations of Military Developments by US Navy CCC
• The Association for the Study of Peak Oil and Gas Newsletters
• graph of staggering oil price increase
• graph of oil prices in relation to other fossil fuel prices
• US DOE EIA retail gasoline prices
• US DOE EIA retail gasoline and diesel prices charts
• Top Saudi Says Kingdom Has Plenty of Oil "261 billion barrels in reserve..."
• An analysis by Henry C.K. Liu in Asia Times Online: The real problems with $50 oil, details the economic impact of high oil prices.
• an The Economist article about oil price inflation and concerns [39]
• World Bank article which states that US$90 per barrel is the equivalent of the 1980 oil shock (pdf file, page 18, 473kb)
• Sample gasoline price changes -- Chicago area
• International Fuel Prices 2005 with diesel and gasoline prices of 172 countries
• EU Oil Bulletin Fuel prices in EU countries updated weekly, includes information on taxes and VAT.
• GasPriceWatch.com
• OttawaGasPrices.com
• Gas Saving Tips