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[stocktalkpa]

Mea culpa.

https://en.wikipedia.org/wiki/World_oil_market_chronology_from_2003

2008: oil prices peak at $145.85 then bottom at $32[edit]





March 2009, Dunellen, New Jersey
On July 15, 2008, a bubble-bursting sell-off began after remarks by President Bush the previous day that the ban on oil drilling would be lifted.[41] This precipitated an $8 drop, the biggest since the first US-Iraq war. By the end of the week, crude oil fell 11% to $128, also affected by easing of tensions between the US and Iran.[42] By August 13, prices had fallen to $113 a barrel.[43] By the middle of September, oil price fell below $100 for the first time in over six months,[44] falling below $92 in the aftermath of the Lehman Brothers bankruptcy.[45]

A stronger US dollar and a likely decline in European demand were suggested to be among the causes of the decline.[46] By October 24, the price of crude dropped to $64.15,[47] and closed at $60.77 on November 6.[10] By the end of December, 2008, oil had bottomed out at $32.