One year ago, on July 3, 2008, oil prices settled at a record high -- a once-unthinkable $145.29 a barrel
On Thursday, it settled at $66.73, less than half the record price, following a $2.58 decline.
In between, a global demand surge morphed into a global economic slowdown -- one that would drive the price of oil as low as $33.87 in December -- followed by the partial recovery that has been underway since.
A year ago, oil was driven higher by two factors. One was the emergence of new global economic powers such as China, India and Russia, competing with the United States and the West for the world's oil. The other was a weak dollar, the currency of crude trading.
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