energyspectrumindo.comThe last time crude oil prices spent significant time below $30 a barrel Ben Affleck and Jennifer Lopez were still “Bennifer,” Howard Dean was leading the Democratic primary race and Saddam Hussein had just been captured by U.S. troops in Iraq.
It was December 2003 and the world was awash in oil. The OPEC cartel had ramped up production just as global demand was slowing, and the result was another drop in prices. Oil had been relatively cheap throughout the 1990s thanks to regulated production and price controls. But in the mid-2000s, prices began to rise in response to soaring demand …read more
Source: Business Insider
