AFP: Highlights and lowlights of the long, strange trip to $130+ for a barrel of oil since 1970.
1970: The official price of Saudi crude oil is fixed at $1.80 per barrel.
1974: Prices pass $10 per barrel after the first oil shock, sparked by the October 1973 Arab-Israeli war.
1979: The Islamic revolution in Iran causes a new oil shock and prices top $20.
1980: The barrel surpasses $30 and hits $39 in early 1981 at the height of the Iran-Iraq war.
1970: The official price of Saudi crude oil is fixed at $1.80 per barrel.
1974: Prices pass $10 per barrel after the first oil shock, sparked by the October 1973 Arab-Israeli war.
1979: The Islamic revolution in Iran causes a new oil shock and prices top $20.
1980: The barrel surpasses $30 and hits $39 in early 1981 at the height of the Iran-Iraq war.
Sep-Oct 1990: Iraq invades Kuwait and prices rise above $40 per barrel.
Aug 2005: Prices rise above $70 when Hurricane Katrina hits the Gulf of Mexico, damaging major offshore oil installations.
Jan 2, 2008: Prices hit $100 amid concerns over violence in Nigeria, stability in Pakistan and supply problems in the key U.S. market.
Mar 13, 2008: Light sweet crude closes above $110 a barrel for the first time amid fevered speculation over the weakening dollar and China's and India's ever increasing demand.
May 6, 2008: A brighter outlook for the U.S. economy helps push world oil prices over $120 a barrel.
May 21, 2008: Oil jumps to $133.82 a barrel as official data reveal unexpected declines in U.S. energy inventories amid increasing Chinese demand.
MyTake: Somehow, I do not seem to agree totally with the reasons given for the increase in oil prices especially for the period May 2008. Are the events so serious enough to spike the price so high? Are there any other reasons for its increase? Hmm....let me "gue$$"....
* 1Q08 GDP growth for Singapore is 6.7%. April's CPI is 7.5%. April's CPI for Hong Kong is 5.4%
* Pakistan's stocks fall 4.2% today as its inflation rose to 17.2% in April. Central bank is expected to raised interest rate to 12%. Notably, MCB Bank which Maybank has proposed to have a stake was down by 5% today to 320.85 rupees. As we know, Maybank's purchase price is 470 rupees. As such, Maybank is now paying almost 32% more or extra RM0.70b for a 15% stake in this bank! uhh...I can feel the pain in my heart now...don't you Malaysia?!....
* Island in dispute. 1st top Picture: Alleged Singapore's photo of Pedra Branca(background-Johor mainland with hills) 2nd Picture: Alleged Malaysia's photo of Pulau Batu Puteh- Johor mainland with hills which are 7x Larger/Higher than Singapore's. International Court of Justice today rules that Singapore will get this island with a ruling 12-4 in favour of the republic. Wonder whether our local folks will accept the lost in a gentlemen manner? ICJ will probably say "There are many other pressing issues to be tackled...get on with your life la!"
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