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Oil price increases of 2004 and 2005 - Spring & Summer 2005 increase | | Oil price increases of 2004 and 2005 - Spring & Summer 2005 increase: Encyclopedia II - Oil price increases of 2004 and 2005 - Spring & Summer 2005 increase | | After retreating for several months during the winter of 2004/2005, prices rose to new highs in March 2005. The price of light, sweet crude oil on NYMEX has been above $50/barrel since March 5, 2005. On March 16, 2005, the price surpassed the October 2004 high of $55.17 to close at $56.46. In April 2005 the price began to fall, reaching $53.32 on April 9. It then reversed course and headed to an all time high of $58.28, driven mainly by lingering concerns of a prolonged weak dollar. In June 2005 cru ...
See also:Oil price increases of 2004 and 2005, Oil price increases of 2004 and 2005 - Causes, Oil price increases of 2004 and 2005 - Spring & Summer 2005 increase, Oil price increases of 2004 and 2005 - Winter 2006 increase, Oil price increases of 2004 and 2005 - Hurricane Katrina, Oil price increases of 2004 and 2005 - Effects, Oil price increases of 2004 and 2005 - USA Stock markets, Oil price increases of 2004 and 2005 - Asia Pacific Region excludes Australasia, Oil price increases of 2004 and 2005 - South Asia, Oil price increases of 2004 and 2005 - Sub-Saharan Africa, Oil price increases of 2004 and 2005 - Latin America & Caribbean, Oil price increases of 2004 and 2005 - Gulf States & Eurasian Arab-Islamic Regions | | | Oil price increases of 2004 and 2005, Oil price increases of 2004 and 2005 - Asia Pacific Region excludes Australasia, Oil price increases of 2004 and 2005 - Causes, Oil price increases of 2004 and 2005 - Effects, Oil price increases of 2004 and 2005 - Gulf States & Eurasian Arab-Islamic Regions, Oil price increases of 2004 and 2005 - Hurricane Katrina, Oil price increases of 2004 and 2005 - Latin America & Caribbean, Oil price increases of 2004 and 2005 - South Asia, Oil price increases of 2004 and 2005 - Spring & Summer 2005 increase, Oil price increases of 2004 and 2005 - Sub-Saharan Africa, Oil price increases of 2004 and 2005 - USA Stock markets, Oil price increases of 2004 and 2005 - Winter 2006 increase, 1990 spike in the price of oil, 1979 energy crisis, 1973 energy crisis, Energy crisis, Hubbert curve and Hubbert peak, List of recessions, Petroleum, Oil Storm, a mockumentary about a 2005-2006 energy crisis., Rimini protocol | | |
| | | Oil price increases of 2004 and 2005: Encyclopedia II - Oil price increases of 2004 and 2005 - Spring & Summer 2005 increase
Oil price increases of 2004 and 2005 - Spring & Summer 2005 increase
After retreating for several months during the winter of 2004/2005, prices rose to new highs in March 2005. The price of light, sweet crude oil on NYMEX has been above $50/barrel since March 5, 2005. On March 16, 2005, the price surpassed the October 2004 high of $55.17 to close at $56.46. In April 2005 the price began to fall, reaching $53.32 on April 9. It then reversed course and headed to an all time high of $58.28, driven mainly by lingering concerns of a prolonged weak dollar. In June 2005 crude oil prices surged to record highs eventually breaking the psychological barrier of $60.
Saudi Arabian King Fahd's death on August 1, 2005, meant a new regime that may be less amicable to U.S. influence. During mid-August, with a string of refinery snags (fires/other deterrents to oil refining), shrinking gasoline inventories, and a growing thirst for oil by American consumers, New York Mercantile Exchange traded crude oil futures surged past the $66 mark and briefly touched $67/barrel. Over the course of three weeks leading up to August 10, crude oil prices had risen by 13%.
While the street price of gasoline usually corresponds to the price of crude oil, refinery capacity can become the governing factor, particularly during periods of high demand. In addition, there are different grades of oil and each refinery is typically configured to process a narrow range of grades. As a result, shortage of a particular grade of oil can keep street prices high, even when overall supply exceeds demand.
Other related archives$, 1973, 1973 energy crisis, 1979 energy crises, 1979 energy crisis, 1990 spike in the price of oil, 2 September, 2005, 31 August, Africa, April, April 9, August 1, August 10, August 11, August 29, Australasia, Consumer Price Index, Cuba, Energy Returned on Energy Invested, Energy crisis, Eritrea, European Union, Federal Reserve, GDP, Hubbert curve, Hubbert peak, Hugo Chávez, Hurricane Katrina, India, Indonesia, Inflation, International Energy Agency, Iran, June, King Fahd's, List of recessions, Louisiana Offshore Oil Port, March 16, March 5, Morgan Stanley, NYMEX, New York Mercantile Exchange, Oil Storm, Pacific rim, Petroleum, Philippines, Port Fourchon, Rimini protocol, Saudi Arabian, September, Singapore, Stockbridge, Georgia, Strategic Petroleum Reserve, Tanzania, U.S., United States, Venezuela, Wal-Mart, Zimbabwe, alternate energy sources, big-box store, coal, crude oil, front-wheel drive, hybrid vehicles, interest rates, liquified natural gas, mockumentary, oil crash, peak oil, price bubble, rear-wheel drive, refinery, sport utility vehicles, stock markets, substitution effect, suicide, tar sands
 Adapted from the Wikipedia article "Spring & Summer 2005 increase", under the G.N U Free Docmentation License. Please also see http://en.wikipedia.org/wiki |
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