peaking." Some of the information was updated in 2007. Oil prices Historical oil prices The oil price historically was comparatively low until the 1973 oil crisis and the 1979 oil crisis when it increased more than tenfold during that six-year timeframe. Even though the oil price dropped significantly in the following years, it has never come back to the previous levels. Oil price began to increase again during the 2000s until it hit historical heights of $143 per barrel (2007 inflation adjusted dollars) on 30 June 2008. As these prices were well above those that caused the 1973 and 1979 energy crises, they contributed to fears of an economic recession similar to that of the early 1980s. It is generally agreed that the main reason for the price spike in 2005–2008 was strong demand pressure. For example, global consumption of oil rose from in 2004 to 31 billion in 2005. The consumption rates were far above new discoveries in the period, which had fallen to only eight billion barrels of new oil reserves in new accumulations in 2004. Oil price increases were partially fueled by reports that petroleum production is at or near full capacity. In June 2005, OPEC stated that they would 'struggle' to pump enough oil to meet pricing pressures for the fourth quarter of that year. From 2007 to 2008, the decline in the U.S. dollar against other significant currencies was also considered as a significant reason for the oil price increases, as the dollar lost approximately 14% of its value against the Euro from May 2007 to May 2008. Besides supply and demand pressures, at times security related factors may have contributed to increases in prices, including the War on Terror, missile launches in North Korea, the Crisis between Israel and Lebanon, nuclear brinkmanship between the U.S. and Iran, and reports from the U.S. Department of Energy and others showing a decline in petroleum reserves. More recently, between 2011 and 2014 the price of crude oil was relatively stable, fluctuating around $US 100 per barrel. It dropped sharply in late 2014 to below $US70 where it remained for most of 2015. In early 2016 it traded at a low of $US27. The price drop has been attributed to both oversupply and reduced demand as a result of the slowing global economy, OPEC reluctance to concede market share, and a stronger US dollar. These factors may be