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June 08, 2008
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Sunday
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Jamadi-us-Sani 03, 1429
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How oil price rose to $139 over 38 years
NEW YORK, June 7: Key milestones in the rise of the price of crude oil to 133 dollars since 1970:
1970: The official price of Saudi crude oil is fixed at 1.80 dollars per barrel.
1974: Prices pass 10 dollars per barrel after the first oil shock, sparked by the October 1973 Arab-Israeli war.
1979: The Islamic revolution in Iran causes a new oil shock and prices top 20 dollars.
1980: The barrel surpasses 30 dollars and hits 39 dollars in early 1981 at the height of the Iran-Iraq war.
Sept-Oct 1990: Iraq invades Kuwait and prices rise above 40 dollars per barrel.
Aug 2005: Prices rise above 70 dollars when Hurricane Katrina hits the Gulf of Mexico, damaging major offshore oil installations.
2008
Jan 2: Prices hit 100 dollars amid concerns over violence in Nigeria, stability in Pakistan and supply problems in the key US market.
March 13: Light sweet crude closes above 110 dollars a barrel for the first time amid fevered speculation over the weakening dollar and China’s and India’s ever increasing demand.
May 6: A brighter outlook for the US economy helps push world oil prices over 120 dollars a barrel.
May 21: Oil jumps to 133.82 dollars a barrel as official data reveal unexpected declines in US energy inventories amid increasing Chinese demand.
June 6: Light sweet crude leaps 10.75 dollars a barrel -- its biggest one-day jump ever -- surging to 139.12 before closing at a record 138.54 dollars amid fresh concerns of an Israeli attack on Iran.—AFP
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