Oil broke through $110 on March 12,2008,$125 on May 9,2008, $130 on May 21,2008, $135 on May 22,2008, $140 on June 26,2008 and $145 on July 3,2008. On July 11,2008, oil prices rose to a new record of $147.27 following concern over recent Iranian missile test.
However, oil prices declined by more than $20 over the next two weeks, settling around $125 a barrel on July 24,2008,A strong contributor to this price decline was the drop in demand for oil in the US. Miles driven there in a month were down in March-May of 2008 compared to 2007, with the 4% decline in May being the largest drop in history.Oil further dropped down to its lowest price in 3 months, at around $112 a barrel, on August 11,2008, and on September 15, oil price fell below $100 for the first time in seven months.
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