In 2008, the price of oil smashed through the $100/barrel mark and has kept on going. OPEC controls the output which limits the supply and market speculation has also contributed to higher prices. Gas prices have risen above the $4/gallon price all across the country and analysts worry that $5 is just around the corner. These prices are deeply felt when it cost over $60 to fill-up at the pump.
From the mid 1980’s until 2003, the price of crude oil remained under $25 per barrel. Then in 2005, the war in Iraq and Hurricane Katrina helped push the price to over $60. Since then prices have steadily increased to a high of $147 per barrel in July of 2008.
The price has recently dropped due to the global financial crisis, but this seems to be a temporary reprieve. If we act together, we can continue to lower demand and keep prices low.
