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March 19, 2012

Understanding the New Price of Oil

Gregor Macdonald, Energy Bulletin


AP Photo

In the spring of 2011, when Libyan oil production -- over 1 million barrels a day (mpd) -- was suddenly taken offline, the world received its first real-time test of the global pricing system for oil since the crash lows of 2009. Oil prices, already at the $85 level for WTIC, bolted above $100, and eventually hit a high near $115 over the following two months. .

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TAGGED: energy outlook, oil shock, OPEC, oil prices, global oil market, Energy Bulletin

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