Question

Why did the oil industry experience hard times from 1985 to 2004

Answer 1

In 1980, the price of oil all around the world was at its peak at the price of $35 US dollars per barrel which is around $109 US dollars per barrel in 2019 (once adjusted for inflation). The price then fell in 1986 from $27 US dollars to $10 US dollars ( $63 US dollars to $23 US dollars in 2019 dollars). The Glut had begun in the early 1980’s as a consequence of slowed economic activity within Industrial countries due to the 1970s crisis. I hope this helps you :)