when did the price of oil start to drop
Price of oil From 1999 til mid 2008, the price of oil rose significantly. It was explained by the rising oil demand in countries like China and India.[7] In the middle of the financial crisis of 2007–2008, the price of oil underwent a significant decrease after the record peak of US$147.27 it reached on July 11, 2008. On December 23, 2008, WTI crude oil spot price fell to US$30.28 a barrel, the lowest since the financial crisis of 2007–2010 began. The price sharply rebounded after the crisis and rose to US$82 a barrel in 2009.[8] In July 2008 oil reached a record peak of US$147.27 but by February 2009 it sank beneath $40 a barrel.[9] On 31 January 2011, the Brent price hit $100 a barrel for the first time since October 2008, on concerns about the political unrest in Egypt.[10] For about three and half years the price largely remained in the $90–$120 range. In the middle of 2014, price started declining due to a significant increase in oil production in USA, and declining demand in the emerging countries.[11] The oil glut—caused by multiple factors—spurred a sharp downward spiral in the price of oil that continued through February 2016.[12] By February 3, 2016 oil was below $30—[13] a drop of "almost 75 percent since mid-2014 as competing producers pumped 1-2 million barrels of crude daily exceeding demand, just as China's economy hit lowest growth in a generation."[14] Some analysts speculate that it may continue to drop further, perhaps as low as $18[15]
Price of oil Because of oversupply and lack of agreements between oil-producing countries members of the OPEC (Saudi Arabia in particular, which pumped at world's records) and also because of lack of coordinated efforts between OPEC and Non-OPEC countries (Russian being a big player, refusing to reduce production) the price of oil fell rapidly in 2015 and continued to slide in 2016 causing the cost of WTI crude to fall to a 10-year low of $26.55 on January 20. The average price of oil in January 2016 was well below $35. Oil did not recover until April 2016, when oil went above the $45 mark.
Marcus Álvarez
Bill Knapp's By the end of 2002, the chain's last restaurant had closed.[7]