The oil price low point was reached in January 1999 of $17 per barrel, after increased oil production from Iraq coincided with the Asian Financial Crisis, which reduced demand. Prices then increased rapidly, more than doubling by September 2000 to $35, then fell until the end of 2001 before steadily increasing, reaching $40–50 by September 2004. On January 2, 2008, a single trade was made at $100, but the price did not stay above $100 until late February. On July 11, 2008, oil prices rose to a new record of $147.27 following concern over recent Iranian missile tests.
The gas prices are closely related to oil prices.
Historical Gas Price for last 5 years
Labels: economy, futures market, gasoline price, oil price