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why did the oil industry experience hard times from 1985 to 2004

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hanakokun6
In 1980, the price of oil all around the world was at its peak at the price of $35 US dollars per barrel which is around $109 US dollars per barrel in 2019 (once adjusted for inflation). The price then fell in 1986 from $27 US dollars to $10 US dollars ( $63 US dollars to $23 US dollars in 2019 dollars). The Glut had begun in the early 1980’s as a consequence of slowed economic activity within Industrial countries due to the 1970s crisis. I hope this helps you :)
abbusaicharan02

As the 1980s got underway, Houston's oil industry was in the midst of nearly a decade of opulence, supported by record crude prices that followed the Arab oil embargo of 1973 and the Iranian Revolution of 1979.

But just a few years later, it all came crashing down with the price of oil. The jets were grounded, cranes dismantled and commercial projects scrapped. Thousands of workers lost jobs and scores of companies went belly up.

Why did oil prices drop in 1985?

Toward the end of 1985, oil prices had been stable at then historically high levels of $30 a barrel for nearly three years. The result was weaker demand, but growing output among non-OPEC producers. When OPEC opted for market share over production cuts to support prices, the proverbial bottom fell out.

Learn more about Why did oil prices drop in 1985?  here:  

https://brainly.com/question/1308984

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