Highlights and lowlights of the long, strange trip to $130+ for a barrel of oil since 1970.
1970: The official price of Saudi crude oil is fixed at $1.80 per barrel.
1974: Prices pass $10 per barrel after the first oil shock, sparked by the October 1973 Arab-Israeli war.
1979: The Islamic revolution in Iran causes a new oil shock and prices top $20.
1980: The barrel surpasses $30 and hits $39 in early 1981 at the height of the Iran-Iraq war.
Sep-Oct 1990: Iraq invades Kuwait and prices rise above $40 per barrel.
Aug 2005: Prices rise above $70 when Hurricane Katrina hits the Gulf of Mexico, damaging major offshore oil installations.
Jan 2, 2008: Prices hit $100 amid concerns over violence in Nigeria, stability in Pakistan and supply problems in the key U.S. market.
Mar 13, 2008: Light sweet crude closes above $110 a barrel for the first time amid fevered speculation over the weakening dollar and China's and India's ever increasing demand.
May 6, 2008: A brighter outlook for the U.S. economy helps push world oil prices over $120 a barrel.
May 21, 2008: Oil jumps to $133.82 a barrel as official data reveal unexpected declines in U.S. energy inventories amid increasing Chinese demand.
Copyright 2008 Agence France-Presse
