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Oil prices are not easy to forecast because a number of factors at any time will affect the price. However, enormous drop in crude prices world wide corresponded to declines in many other commodities as a global recession (drop in economic activity) occurred. This is discussed in the attached links.
Some speculate also the prior to mid-June 2008, the oil prices increases were driven in part by a weaker dollar. See attached links.
What else can I help you with?
Explain the concept of Inflation in Indian context?
Inflation in India is estimated on the basis of fluctuations in the wholesale price index (WPI). Zooming inflation that the country witnessed in the first quarter of the current fiscal 2008-09 and beyond - from 7.7 per cent at end-March 2008 to 11.9 per cent by July 12, 2008- can be attributed to the impact of higher international crude oil prices to domestic prices as well as continued increase in the prices of iron and steel, basic heavy inorganic chemicals, machinery and machinery tools, oilseeds/edible oils/oil cakes and raw cotton on account of strong demand, international commodity price pressures and lower domestic 2007-08 rabi production of oilseeds. The seasonal hardening of vegetables prices as well as increase in the prices of textiles have also contributed to the rising inflation during 2008-09 so far.
Average Gas Prices from 2004-2008?
During the years 2004-2008, the US national average price of a gallon of regular gasoline was $2.568, from a low average of $1.88 in 2004 to a high average of $3.27 in 2008.
2008 gas prices per gallon in New York state?
In 2008 gas prices were, on average, around $3.09
When was gas under 1 dollar?
Gas prices fell below $1 per gallon in the United States during several periods, most notably in late 2008 and early 2009 due to the economic recession and a significant drop in oil prices. Additionally, some regions experienced prices under $1 during the early 1990s and in the early 2000s. These low prices are relatively rare in recent years, as gas prices have generally risen due to various economic and geopolitical factors.
When were gas prices 3 to 4 dollars per gallon?
In 2008.
How much did crude oil prices rise in 2008?
The highest that the crude oil prices ever hit was USD$147. You can read about it and the reasons why the prices went that high here : http://english.aljazeera.net/focus/2008/09/200898133143509358.html
How much was gas 15 years ago?
Fifteen years ago, in 2008, the average price of gasoline in the United States was around $3.25 per gallon. However, prices varied significantly throughout the year, reaching a peak of over $4.00 per gallon during the summer months due to rising crude oil prices and increased demand. Economic factors, including the financial crisis of 2008, also influenced gas prices during that period.
When was Sweet Crude created?
Sweet Crude was created in 2008.
Has British airways increased the ticket prices due to increase in fuel prices?
Yes because off spiraling prices of crude oil British Airways decided to raise the fuel surcharge as reported by The Telegraph on 29th May 2008.
Explain the concept of Inflation in Indian context?
Inflation in India is estimated on the basis of fluctuations in the wholesale price index (WPI). Zooming inflation that the country witnessed in the first quarter of the current fiscal 2008-09 and beyond - from 7.7 per cent at end-March 2008 to 11.9 per cent by July 12, 2008- can be attributed to the impact of higher international crude oil prices to domestic prices as well as continued increase in the prices of iron and steel, basic heavy inorganic chemicals, machinery and machinery tools, oilseeds/edible oils/oil cakes and raw cotton on account of strong demand, international commodity price pressures and lower domestic 2007-08 rabi production of oilseeds. The seasonal hardening of vegetables prices as well as increase in the prices of textiles have also contributed to the rising inflation during 2008-09 so far.
What was highest price per barrel of crude oil in 2008?
The highest price for barrel of crude oil reached $128.08in July 2008.
Has gas ever been more than 5dollars a gallon?
Yes, in the United States, gas prices have exceeded $5 per gallon. This milestone was notably reached during the summer of 2022, driven by factors such as rising crude oil prices, supply chain disruptions, and increased demand following the COVID-19 pandemic. Additionally, historical spikes in gas prices occurred during previous crises, such as the 2008 financial crisis and the Gulf Coast hurricanes.
At the end of 2008 how many barrels of crude oil existed in reserves?
At the end of 2008, the US had about 714,000,000 barrelsof crude oil in the Strategic Petroleum Reserve.
Have gas prices ever been over 4 dollars a gallon in the US?
Yes, gas prices in the U.S. have exceeded $4 per gallon multiple times. Notably, this occurred during the 2008 financial crisis and again in 2022 due to various factors, including geopolitical tensions and supply chain disruptions. The national average has fluctuated significantly over the years, influenced by market conditions, crude oil prices, and other economic factors.
What was the price of oil in February of 2008?
The price of a barrel of crude oil in February 2008 was $89.41
How much did a barrel of crude oil cost in July 2008?
$128.08 per barrel in July 2008.
What was the price of a gallon of gas in the state of Delaware from the years 2000 to 2012?
From 2000 to 2012, the price of a gallon of gas in Delaware varied significantly due to fluctuations in crude oil prices and economic conditions. In 2000, the average price was around $1.50 per gallon, gradually increasing to approximately $3.50 by 2012. The prices peaked during mid-2008, reaching around $4.00 per gallon. Overall, the trend over these years showed a steady increase in gas prices.
