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Between the 1980s and September of 2003 oil prices resided below $25/barrel until the Iraq War started in 2003, The Production capacity of this war stricken nation was cut down by more than a million barrels per day because of difficulty in securing the safety of oil workers. Drilling Stations became primes targets for rebels and terrorists alike as the war progressed. The Persian Gulf which is also the major pathway for the distribution of oil from Middle Eastern Countries is located right between the Arabian Peninsula and Iran, Iran now being considered a threat and being in control of this very important pathway didn’t help the fall in oil prices either...
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