page_title: 2000s (decade)
section_title: Energy crisis
hierarchical_section_title: 2000s (decade) / Economics / Energy crisis
context_page_description: The 2000s was a decade of the Gregorian calendar that began on January 1, 2000, and ended on December 31, 2009.
  The early part of the decade saw the long-time predicted breakthrough of economic giant China, which had double-digit growth during nearly the whole decade. To a lesser extent, India also benefited from an economic boom, which saw the two most populous countries becoming an increasingly dominant economic force. The rapid catching-up of emerging economies with developed countries sparked some protectionist tensions during the period and was partly responsible for an increase in energy and food prices at the end of the decade. The economic developments in the latter third of the decade were dominated by a worldwide economic downturn, which started with the crisis in housing and credit in the United States in late 2007 and led to the bankruptcy of major banks and other financial institutions. The outbreak of this global financial crisis sparked a global recession, beginning in the United States and affecting most of the industrialized world.
context_section_description: 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.
caption: Gas prices in late May 2008
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