<P> On March 5, 2008, OPEC accused the United States of economic "mismanagement" that was pushing oil prices to record highs, rebuffing calls to boost output and laying blame at the George W. Bush administration . Oil prices surged above $110 to a new inflation - adjusted record on March 12, 2008 before settling at $109.92 . On April 18, 2008 the price of oil broke $117 per barrel after a Nigerian militant group claimed an attack on an oil pipeline . Oil prices rose to a new high of $119.90 a barrel on April 22, 2008, before dipping and then rising $3 on April 25, 2008 to $119.10 on the New York Mercantile Exchange after a news report that a ship contracted by the U.S. Military Sealift Command fired at an Iranian boat . </P> <P> On June 6, prices rose $11 in 24 hours, the largest gain in history due to the possibility of an Israeli attack on Iran . The combination of two major oil suppliers reducing supply generated fears of a repeat of the 1973 oil crisis . The mid-July decision of Saudi Arabia to increase oil output caused little significant influence on prices . According to the oil minister of the Islamic Republic of Iran, Gholam - Hossein Nozari, the world markets were saturated and a Saudi promise of increased production would not lower prices . Several Asian refineries were refusing Saudi petroleum in late June because they were over priced grade . </P> <P> On July 3, "the Brent North Sea crude contract for August delivery rose to $US145. 01 a barrel" in Asian trade . London Brent crude reached a record of $145.75 a barrel, and Brent crude for August delivery peaked to a record $145.11 a barrel on London's ICE Futures Europe exchange, and to $144.44 a barrel on the NYMExchange . By midday in Europe, crude rose to $145.85 a barrel on the NYME while Brent crude futures rose to a trading record of $146.69 a barrel on the ICE Futures exchange . </P> <P> On July 15, 2008, a bubble - bursting sell - off began after remarks by President Bush the previous day that the ban on oil drilling would be lifted . This precipitated an $8 drop, the biggest since the first US - Iraq war . By the end of the week, crude oil fell 11% to $128, also affected by easing of tensions between the US and Iran . By August 13, prices had fallen to $113 a barrel . By the middle of September, oil price fell below $100 for the first time in over six months, falling below $92 in the aftermath of the Lehman Brothers bankruptcy . </P>

What was the price of a barrel of oil in 2008