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The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis.The world price of oil had peaked in 1980 at over US$35 per barrel (equivalent to $129 per barrel in 2023 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($75 to $28 in 2023 dollars).
From 1907 to 1930, Oklahoma and California traded the title of number one US oil producer back and forth. [1] Oklahoma oil production peaked in 1927, at 762,000 barrels/day, and by 2005 had declined to 168,000 barrels/day, but then started rising, and by 2014 had more than doubled to 350,000 barrels per day, the fifth highest state in the U.S. [2]
Skyscrapers, theme parks, and luxury: Oklahoma City in 2024 feels a lot like the '80s. What's going on? Does that mean we'll see another bust?
During the oil boom years of the 1980s, Conoco was owned by the DuPont Corp., which took control of the company in 1981. [11] After nearly two decades of ownership and an oil bust that crippled Oklahoma's economy in the late 1980s, DuPont sold off its Conoco assets in 1998. [11]
Oklahoma City (/ ˌ oʊ k l ə ˈ h oʊ m ə-/ ⓘ), officially the City of Oklahoma City, and often shortened to OKC, is the capital and most populous city of the U.S. state of Oklahoma. The county seat of Oklahoma County, [9] its population ranks 20th among United States cities and 8th in the Southern United States.
The crisis began to unfold as petroleum production in the United States and some other parts of the world peaked in the late 1960s and early 1970s. [3] World oil production per capita began a long-term decline after 1979. [4] The oil crises prompted the first shift towards energy-saving (in particular, fossil fuel-saving) technologies. [5]
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The oil boom did not last long. Production peaked in 1915 with 8.3 million barrels of oil, but went down by 50% in 1916. During the 1970s and 1980s refining operations continued in Cushing until the last two refineries, Kerr-McGee and Hudson, closed. Rail service ended in 1982. [7]