energy information administration short term outlook 1 steo supplement why are oil prices so high during most of the 1990s west texas intermediate wti crude price averaged close to 20 per barrel before plunging almost 10 in late 1998 as a result asian financial crisis slowing demand growth while extra supply from iraq was entering market for first time since gulf war subsequently organization petroleum exporting countries opec producers more closely adhered coordinated production quota and reduced output not only recovered but increased about 30 grew economies recent increase began 2004 when they doubled 2003 levels rising at end peak 56 37 on october 26 after falling back briefly then continued rise 2005 2006 much may june july have above 70 adjusting inflation been this 1982 discusses main factors
