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When diesel fuel replaced steam engines in warships, control of oil supplies became a factor in military strategy—and played a key role in World War II. After the dominance of coal waned in the mid-1950s, oil received significant media coverage and its importance on modern economies increased greatly, being a major factor in several energy ...
With the dawning of the so-called Atomic Age many observers in the mid-20th century believed that the Oil Age was rapidly coming to an end. [10] The rapid change to atomic power envisioned during this period never materialized, in part due to environmental fears following high-profile accidents such as the 1979 Three Mile Island accident, the 1986 Chernobyl disaster and the 2011 Fukushima ...
Crude oil prices to gas prices Henry Hub natural gas prices. From the mid-1980s to September 2003, the inflation-adjusted price of a barrel of crude oil on NYMEX was generally under US$25/barrel in 2008 dollars. During 2003, the price rose above $30, reached $60 by 11 August 2005, and peaked at $147.30 in July 2008. [1]
The major oil-producing regions of the U.S.—Texas, Oklahoma, Louisiana, Colorado, Wyoming, and Alaska—benefited greatly from the price inflation of the 1970s as did the U.S. oil industry in general. Oil prices generally increased throughout the decade; between 1978 and 1980 the price of West Texas Intermediate crude oil increased 250 ...
The FPC at first only regulated the price at which pipelines sold gas to utilities and industry, but later put limits on the wellhead price of gas sold to an interstate pipeline. Gas producers challenged the controls, but lost in the Supreme Court in Phillips Petroleum Co. v. Wisconsin (1954).
The merger comes in the context of low oil prices, which have hurt profits at many oil companies. (DJ) December 23: The Colombian government says it will allow gasoline and diesel prices to float with international oil prices starting January 1, 1999. The move will end a system of artificial price fixing which has cost the government more than ...
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Global annual crude oil production (including shale oil, oil sands, lease condensate and gas plant condensate but excluding liquid fuels from other sources such as natural gas liquids, biomass and derivatives of coal and natural gas) increased from 75.86 million barrels (12.1 million cubic metres) in 2008 to 83.16 million bbl (13.2 million m 3 ...