to drop again to a low of $26 on 8 May 2003. The price rose to $80 with the U.S.-led invasion of Iraq. There were major energy crises in the 2000s including the 2010s oil glut with changes in the world oil market. Starting in 1999, the price of oil rose significantly. It was explained by the rising oil demand in countries like China and India. A dramatic increase from US$50 in early 2007, to a peak of US$147 in July 2008, was followed by a decline to US$34 in December 2008, as the financial crisis of 2007–2008 took hold. By May 2008, The United States was consuming approximately 21 million bpd and importing about 14 million bpd—60% with OPEC supply 16% and Venezuela 10%. In the middle of the financial crisis of 2007–2008, the price of oil underwent a significant decrease after the record peak of US$147.27 it reached on 11 July 2008. On 23 December 2008, WTI crude oil spot price fell to US$30.28 a barrel, the lowest since the financial crisis of 2007–2008 began. The price sharply rebounded after the crisis and rose to US$82 a barrel in 2009. On 31 January 2011, the Brent price hit $100 a barrel briefly for the first time since October 2008, on concerns that the 2011 Egyptian protests would "lead to the closure of the Suez Canal and disrupt oil supplies". For about three and half years the price largely remained in the $90–$120 range. From 2004 to 2014, OPEC was setting the global price of oil. OPEC started setting a target price range of $100–110/bbl before the 2008 financial crisis —by July 2008 the price of oil had reached its all-time peak of US$147 before it plunged to US$34 in December 2008, during the financial crisis of 2007–2008. Some commentators including Business Week, the Financial Times and the Washington Post, argued that the rise in oil prices prior to the financial crisis of 2007–2008 was due to speculation in futures markets. Up until 2014, the dominant factor on the price of oil was from the demand side—from "China and other emerging economies". By 2014, production from unconventional reservoirs through hydraulic fracturing in the United States and oil production in Canada, caused oil production to surge globally "on a scale that most oil exporters had not anticipated" resulting in "turmoil in prices." The United States oil production was greater than