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• 12/29/2008 -- Demand and prices fall
  Even as a winter storm dumped snow and ice on the US Midwest and East Coast during Christmas week, markets remained unconvinced OPEC can cut production fast enough to offset plummeting oil demand.
• 12/15/2008 -- Another year without Santa
  With Christmas approaching, members of the oil and gas industry are anticipating stockings full of rocks from the new Santa-elect in Washington, while other industries' wishes for bundles of cash will come true.
• 12/08/2008 -- A turbulent year
  The waning year of 2008 is sure to be remembered as one of the most turbulent in the history of the oil and gas industry, said energy analysts.
• 12/01/2008 -- OPEC: Oil demand deteriorates
  Although there were no production adjustments at their Nov. 29 consultation in Cairo, OPEC members did note the rapid deterioration of demand prospects since their Oct. 24 agreement to reduce production.
• 11/24/2008 -- Market fears drive down prices
  With the loss of public confidence because of the current financial crisis, world demand for energy is still declining even as prices fall.
• 11/17/2008 -- Outlooks differ on slack demand, tight supplies
  Financial analysts differ in expectations for a continuing fall in world demand for energy or a tightening of supplies as demand revives in 2009.
• 11/11/2008 -- OPEC's compliance should tighten markets
  If OPEC can achieve just 60% compliance with the 1.5 million b/d production reduction voted at its Oct. 24 meeting, there would be at least a "small" reduction in consumer oil inventories stocks through 2009.
• 11/04/2008 -- Oil futures post biggest monthly loss
  In a surprise rally in the last few moments of trading Oct. 31 on NYMEX, the front-month December contract for benchmark US light, sweet crudes surged upward to close at $67.81/bbl, up $1.85 for the day.
• 10/27/2008 -- OPEC cut yields no immediate effect
  The decision by OPEC ministers to cut production by 1.5 million b/d effective Nov. 1 from the official quota of 28.8 million b/d had no immediate effect on plummeting crude prices.
• 10/20/2008 -- OPEC regains market attention
  Although the faltering economy has been driving down energy prices in recent months, the November US oil contract rebounded $2 to $71.85/bbl Oct. 17 on NYMEX in anticipation that OPEC would cut production at its Oct. 24 meeting.
• 10/13/2008 -- Crude prices lowest in a year
  The November contract for benchmark US light, sweet crudes hit new lows for the year, trading as low as $77.09/bbl Oct. 10 before closing at $77.70/bbl, down $8.89 for the day on NYMEX.
• 10/06/2008 -- September crude prices fall
  Front-month crude plunged $10.52/bbl Sept. 29 as the House of Representatives rejected a $700 billion plan to resolve the most severe threat to the US economy since the Great Depression.
• 09/29/2008 -- Record spike in crude price
  On its last day of trade Sept. 22, the October contract for benchmark US light, sweet crudes shot up $16.37 to $120.92/bbl in the largest 1-day price jump ever on NYMEX.
• 09/16/2008 -- OPEC promises 'strict' compliance
  OPEC agreed Sept. 10 to "strictly comply" with their September 2007 production quota of 28.8 million b/d, implying a possible compromise for de facto reduction of some 530,000 b/d of overproduction.
• 09/08/2008 -- Storms, OPEC guide oil prices
  Front-month crude prices fluctuated at $111-122/bbl through most of August on NYMEX but fell sharply Aug. 28-Sept. 5 primarily as Hurricane Gustav proved less of a threat to the Gulf Coast than some anticipated.
• 09/01/2008 -- Gustav menaces Gulf Coast
  On Aug. 29, just 3 years to the day after Hurricane Katrina came ashore in Louisiana and devastated New Orleans, Tropical Storm Gustav was over open waters of the Caribbean and predicted to intensify into a hurricane and make landfall west of that same city, possibly Labor Day, Sept. 1.
• 08/25/2008 -- 'Cold War' heats oil market
  Crude futures soared above $120/bbl Aug. 21 on the New York market for the first time in 2 weeks as both the US dollar and US-Russian relations deteriorated. In the Houston office of Raymond James & Associates Inc., analysts suggested "a new Cold War" might be "heating up the oil market" apparently due to US opposition to Russia's incursion into nearby Georgia.
• 08/18/2008 -- OPEC cuts demand growth estimate
  In its August report, OPEC reduced its 2008 estimate of global economic growth to 3.9%, down from 4% from the previous month and one percentage point lower than the same period in 2007.
• 08/11/2008 -- Another oil price spike predicted
  Unless demand for oil collapses within 5-10 years, the world will experience a serious "supply crunch" with prices shooting above $200/bbl for crude, according to a report from Chatham House.
• 08/04/2008 -- July was bad for oil
  US crude dropped $15.92/bbl in July for the biggest dollar loss in a single month since it began trading on the New York Mercantile Exchange.