Oil prices reach $456 per barrel

Financial Event

Oil prices across the world soared to its highest point in history, with crude oil going for $456 per barrel. The prices dropped gradually till its next spike nearly a decade later. However, the 2047 spike was the first major sign of the upcoming Energy Crisis of 2065. Though most countries did take action, the rate of depletion of crude oil was faster than expected.

On 10th of June 2047, the Organisation of Petroleum Exporting Countries announced in a press conference that several major drilling sites were closing down due to lack of crude oil production at desired prices. By the 13th of June, oil prices had accordingly risen to $400. This was already a price higher than the world had seen before. Basic machinery would be impossible to operate at such rates. The situation only grew worse, as the prices rose to $456 within the next 48 hours.   As the prices rose, the stock market very erratically rose and fell. Small and medium-sized companies faced massive losses as operating costs suddenly seemed to skyrocket. Google and Apple stocks rose in value, while Microsoft and Sony stocks fell in value as a direct result of this announcement. On 16th of June, the United States of America announced a new drilling project in Alaska, finally bringing the prices down after a week of rapid increase. By 20th, the United Nations also announced several off-shore drilling projects in collaboration with coastal countries. In August, oil prices dropped below $400.   This peace, however, was temporary.