According to [url//www.worldenergymedia.com]Oil & Gas News[/url] 2008, oil recorded its maximum price in 2008 May. Many of you might remember the difficulty that you had in handling the expenses during that time, as the prices of gasoline had gone very high. While most of us kept on worrying about the price hike and its impact on the world economy, we hardly took any effort to find out the reason behind the price hike. There are a number of reasons behind this, but the focus should be given on the key factors. In most cases the energy shortages are often man-made, and don’t happen as a result of natural shortage of oil. Often the attempt would be by the Middle East countries. Here are top 5 reasons behind the price hike in 2008 1. The devaluation of US dollar, that lead to an economic collapse 2. The influence of Middle East and OPEC countries 3. Russia’s efforts to create oil regulatory organization. 4. Instability in world economy 5. Our dependence on oil, as a fuel and economic commodity Oil and natural gases have become the backbone of our global economy, and our reliance in fossil fuels has contributed much in creating the crisis in oil and gas resources. When an average barrel of crude oil goes from the drilling spot to the end customer it becomes about 7-9 times pricey. The global economic recession had created a sudden fluctuation in the oil energy market. The aftermaths of the sudden changes in economy still prevail in the global market. But the price of oil has started rising again and seems will rise to the previous level soon.