Image:Price of oil (2003-2008).png|thumb|300px|Medium term crude oil prices Jan. 2003 - Nov. 2008, (not adjusted for inflation) From the mid-1980s to September 2003, the inflation-adjusted price of a barrel of crude oil on NYMEX was generally under $25/barrel. During 2003, the price rose above $30, reached $60 by August 11, 2005, and peaked at $147.30 in July 2008. Commentators attributed these price increases to many factors, including reports from the United States Department of Energy and others showing a decline in petroleum reserves, worries over peak oil, Middle East tension, and oil price speculation. For a time, geo-political events and natural disasters indirectly related to the global oil market had strong short-term effects on oil prices, such as North Korean missile tests, the 2006 conflict between Israel and Lebanon, worries over Iranian nuclear plans in 2006, Hurricane Katrina, and various other factors. By 2008, such pressures appeared to have a insignificant impact on oil prices given the onset of the global recession. The recession caused demand for energy to shrink in late 2008 and early 2009 and the price plunged as well. However, it surged back in May 2009, bringing it back to November 2008 levels.

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