Tuesday, February 24, 2009

Part 5: Oil Prices - the Big Climb

Oil prices had reached an historic high when I made my last presentation to the CSEG in June, 2008. I wanted to include a slide that would illustrate this incredible rise in the price of a barrel of oil and the best example I could find only went up to March of 2008.

As you can see, the June price of $135/barrel was already well beyond the axis of the graph. Several forecasters projected that the price would be between $150/bbl and $250/bbl within the coming year. Anything seemed possible as the price continued to climb towards a peak of $147.27 on July 11.

This was clearly the result of an ever-growing demand for a limited resource.

So - what happened after that?

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