The reality is that the price of oil was only "well over $100 per barrel" for a scant few months..  It did not go above 100 until March of 2008, and was back down below 50 by December of 2008.  It did not go back above 100 until 2011 for a few months, 2012 for 2 months, 2013 for 4 months, then 2014 for 6 months at about $106 per barrel being the highest in 2013-14.  From 2010 thru 2014 80 to 90 per barrel was as common or more than "well over 100". This myth that oil was over 100 per barrel for any stretch of time is just that a myth. Here is a chart of prices. http://www.forecast-chart.com/chart-crude-oil.html