MiddleEastturmoilmakesthegloba-考网

Middle East turmoil makes the global oil market instable. Whether the arrival of the fourth oil crisis is still uncertain.

　　World crude oil supply as the market Worried about the future, there may be a large-scale disruption in intraday trading in New York, crude oil prices of more than $100 per barrel. This is the United States since October 2008 for the first time crude oil prices reached $100.

　　Libya's crude oil production accounts for 2% of global oil production and its own supply of world crude oil production is in sufficient to cause a tremendous impact. But the market is worried about Libya's conflict, unrest in other oil-producing countries of Algeria will also appear, and then spread to Saudi Arabia and other oil-rich countries. With the deteriorating security situation in Libya, employees and suppliers of security concerns is the biggest problem, a number of international oil gas operators are leaving the country and temporarily shut down production. Libya is now estimated at 1/3 of oil was cut off. However, OPEC announced that they will

　　compensate for the shortage of oil production about Liby.

　　The situation is reminiscent of the Middle East over the past three times "oil crisis". The first occurred in 1973, the year in October the fourth Middle East War broke out, OPEC Arab members of the order to fight against Israel and its supporters, in December announced there assumption of the right of the oil price and volume increase more than twice the price of crude oil which is from warehouse, led to the most serious global economic crisis after the World War II, and continued for 3 years. The second was the end of 1978, Iran's moderate pro-US Shah King to step down, as the world's second largest oil exporter, Iran's political upheaval, coupled with the outbreak of the Iran-Iraq war, that world oil production from 580 million barrels a day at first reduced to 100 million barrels below. The following year, soaring international oil prices doubled. In 1980, crude oil prices have been from the original $13 per barrel soared to $34 per barrel, and lasted more than six months. The third was in August 1990, Iraq captured Kuwait, the United States war against lraq, but also by international economic sanctions against Iraq, the Iraqi oil supply disruptions along the way the international oil price soared, from 3 months soared to $14 per barrel high of $42.

　　The "oil crisis" but also to the world economy has brought about tremendous negative impact. Continued for three years the first "oil crisis" to the developed countries resulted in serious economic impact, all developed countries economic growth is slowing down, statistics show, in which the U.S. industrial production fell by 14%, while Japan's industrial production plummeted by more than 20% the second crisis has become the late 70s of last century developed one of the main general economic recession; the third crisis that developed countries, especially Britain and the United States accelerated in recession, global economic growth in 1991 below 2%, but due to the Saudi--led OPEC to increase production to stabilize oil prices, the continued high oil prices not long compared to the previous two, the global economic impact is relatively smaller.

The highest price of a barrel of oil is____when the third oil crisis hit. （　　）