Reserves and production show little change in 2008 ///

We all know what happened: The world economy turned into “The Great Recession” just as oil prices were going through the roof. When reality could no longer be denied, oil prices crashed dramatically, going from a new record of $147.27 on July 11, 2008, to a WTI crude oil spot price of $30.28 a barrel on Dec. 23—a nearly 500% range in just five months. This article fills in the rest of the numbers that resulted from this extraordinary event.

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