Nov 22, 2007
The rise and rise of prices
OIL prices have risen since 1970, with fluctuations and some declines especially during the late 1980s and early 1990s. Here are some key milestones in the price of crude oil since then:
1970: Official price of Saudi crude fixed at US$1.80 per barrel.
1974: Price tops US$10 after the first oil shock, sparked by the October 1973 Arab-Israeli war.
1979: Price passes US$20, as the Islamic revolution in Iran causes a second oil shock.
1980: Price tops US$30 for the first time and progresses to a nominal value of US$39 in early
1981 due to the war between Iran and Iraq.
1990: Price tops US$40 amid tension over Iraq's invasion of Kuwait.
2003: On the eve of the United States-led invasion of Iraq, the price stands at just over US$37.
2004: Amid tensions caused by the Iraq war, price tops US$50.
June 2005: Crude tops US$60.
August 2005: Price rises above US$70 when Hurricane Katrina hits the Gulf of Mexico, damaging major offshore oil installations.
Oct 26, 2007: Price passes US$92 mark before floor trading opens, fuelled by fears of Turkish military intervention in Iraq and new US sanctions against Iran.
Nov 7, 2007: Prices hit a new record above US$98.
Nov 21, 2007: Crude briefly passes US$99 for first time.
AGENCE FRANCE-PRESSE
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