[Answer] The graph shows US Oil Import Prices from 1995 to 2010.What most likely caused the steady increase in price per barrel of oil between 2001 and 2008?

Answer: A global recession

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The graph shows US Oil Import Prices from 1995 to 2010.What most likely caused the steady increase in price per barrel of oil between 2001 and 2008? Overview. According to Our World in Data in the nineteenth and early twentieth century the global crude oil prices were "relatively consistent." In the 1970s there was a "significant increase " in the price of oil globally partially in response to the 1973 and 1979 oil crises. In 1980 globally averaged prices "spiked" to US $107.27. In the early 1980s concurrent with the OPEC embargo oil ... The effects of the embargo were immediate. OPEC forced oil companies to increase payments drastically. The price of oil quadrupled by 1974 from US $3 to nearly US $12 per barrel ($75 per cubic meter) equivalent in 2018 dollars to a price rise from $17 to $61 per barrel .. This price increase had a dramatic effect on oil exporting nations for the countries of the Middle East who had long been ... 2000s commodities boom - Wikipedia 2000s commodities boom - Wikipedia Predicting the timing of peak oil - Wikipedia ...

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