2008 was a rollercoaster year for those in the oil and gas industries. In July crude oil prices hit US$147 a barrel in the wake of attacks on Nigerian oil installations, before receding to under US$40 in December after months of economic decline in most major consuming countries. Weaker economies and record high prices have seemingly reduced worldwide demand and burst the speculative bubble in commodity prices. For those in government and business tasked with strategic planning such pricing movements make their jobs extremely challenging. Indeed, despite extensive research by the World Bank, analysts remain unsure if future oil prices will ever again climb above US$100 per barrel.
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