Year? Month?
2006-11-01 17:20:55 · 7 answers · asked by a_fallenangel_a 2 in Social Science ➔ Economics
When the automobile was invented
2006-11-01 17:22:40 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Like all price, oil prices are determined by supply and demand. Before the invention of the engine, oil was just this sticky black stuff with few uses. Prices rose when people invented the internal combustion engine.
More recently, the oil price rose sharply in the mid 70s, then again in the late 70, before falling in the mid-80s, spiking during the first Iraq war and then has climbed since around 2002 due to growing demand as the world economy strengthened and more recently as oil supply has been threatened by the second Iraq war, Iran, and other geopolitical developments (mainly in the middle east).
There is a great graph of oil prices available at the link below. The link near the top of the page lets you download monthly oil price data back to 1946.
2006-11-01 17:49:33 · answer #2 · answered by eco101 3 · 1⤊ 0⤋
In the year 1973, after Arab Israel war, Sinai war, Oil export organization, OPEC was formed and immediate after their formation oil price was hiked by 5-8 times and world got a jerk. Then in every crisis in Middle East, during Iran- Iraq war, in 1991 Gulf war, and recent war all caused to hike.
2006-11-01 17:39:11 · answer #3 · answered by Zia 3 · 0⤊ 0⤋
The last surge began exactly one month after George Jr took his second oath of office ----so---- Feb. 2005 !!!
Prices of gasoline at the time of the election in Nov 2004 were hovering around the $1.49 per gallon price
one year later in Nov 2005 they were at $ 2.89 per gallon !!
But of course there was NEVER a deal between Bush and the Saudi's to hold prices down artificially until he was elected to his lame duck term ----that was just a vicious partison lie that for some reason no one ever talks about anymore !!!
2006-11-01 17:38:31 · answer #4 · answered by Anonymous · 1⤊ 1⤋
the upward thrust interior the fee will do extra to shrink out intake of oil than nagging. long previously we use the final drop gas would be over $20 a gallon it incredibly is going to be over $5 while the international economic device recovers in a pair of years.
2016-10-21 03:16:51 · answer #5 · answered by ? 4 · 0⤊ 0⤋
in the early 70's, when they started to organize OPEC!
2006-11-01 21:25:56 · answer #6 · answered by livinhapi 6 · 0⤊ 0⤋
since Bush adminstration took over
2006-11-01 17:29:16 · answer #7 · answered by reza 2 · 1⤊ 1⤋