General Discussion

The highest recorded price per barrel maximum of $147.02 was reached on July 11, 2008.[8] After falling below $100 in the late summer of 2008, prices rose again in late September. On September 22, oil rose over $25 to $130 before settling again to $120.92, marking a record one-day gain of $16.37. Electronic crude oil trading was temporarily halted by NYMEX when the daily price rise limit of $10 was reached, but the limit was reset seconds later and trading resumed.[9] By October 16, prices had fallen again to below $70, and on November 6 oil closed below $60.[10] Then in 2009, prices went slightly higher, although not to the extent of the 2005–2007 crisis, exceeding $100 in 2011 and most of 2012. Since late 2013 the oil price has fallen below the $100 mark, plummeting below the $50 mark one year later.


As the price of producing petroleum did not rise significantly, the price increases have coincided with a period of record profits for the oil industry.[citation needed] Between 2004 and 2007, the profits of the six supermajors – ExxonMobil, Total, Shell, BP, Chevron, and ConocoPhillips – totaled $494.8 billion.[11] Likewise, major oil-dependent countries such as Saudi Arabia, the United Arab Emirates, Canada, Russia, Venezuela and Nigeria have benefited economically from surging oil prices during the 2000s.