Oil’s Fuzzy Math: Prices Skyrocket Despite Modest Growth in Demand- About: oil prices

Geological and political factors led to a decline in production in some of the world’s largest oil-producing countries in 2007, including Indonesia, Mexico, Nigeria, Norway, the United Kingdom, and Venezuela. Crude oil production also increased in several countries, including Angola, Brazil, and Canada (the latter mainly through tar-sands mining). In March 2008, world oil prices hit $110 per barrel, breaking the inflation-adjusted record set in April 1980. Record prices led to record profits for many oil companies in 2007, including Chevron and Royal Dutch Shell PLC. read more

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