November 2008 and in London in April 2009 to regulate the banking and financial sectors, and also succeeding in coordinating their economic action and in avoiding protectionist reactions. Energy crisis From the mid-1980s to September 2003, the inflation-adjusted price of a barrel of crude oil on NYMEX was generally under $25/barrel. During 2003, the price rose above $30, reached $60 by August 11, 2005, and peaked at $147.30 in July 2008. Commentators attributed these price increases to many factors, including reports from the United States Department of Energy and others showing a decline in petroleum reserves, worries over peak oil, Middle East tension, and oil price speculation. For a time, geopolitical events and natural disasters indirectly related to the global oil market had strong short-term effects on oil prices. These events and disasters included North Korean missile tests, the 2006 conflict between Israel and Lebanon, worries over Iranian nuclear plants in 2006 and Hurricane Katrina. By 2008, such pressures appeared to have an insignificant impact on oil prices given the onset of the global recession. The recession caused demand for energy to shrink in late 2008 and early 2009 and the price plunged as well. However, it surged back in May 2009, bringing it back to November 2008 levels. Many fast-growing economies throughout the world, especially in Asia, also were a major factor in the rapidly increasing demand for fossil fuels, which—along with fewer new petroleum finds, greater extraction costs, and political turmoil—forced two other trends: a soar in the price of petroleum products and a push by governments and businesses to promote the development of environmentally friendly technology (known informally as "green" technology). However, a side-effect of the push by some industrial nations to "go green" and utilize biofuels was a decrease in the supply of food and a subsequent increase in the price of the same. It partially caused the 2007 food price crisis, which seriously affected the world's poorer nations with an even more severe shortage of food. The rise of the euro A common currency for most EU member states, the euro, was established electronically in 1999, officially tying all the currencies of each participating nation to each other. The new currency was put into circulation in 2002 and the old currencies were phased out. Only three countries of the then 15 member states decided not to join the euro (the United Kingdom, Denmark and Sweden).