|During the last five years, many commodities hit record high prices as there appeared to be a global shortage looming. These price explosions were primarily driven by rapidly increasing consumption in China and other developing countries, but came at different times. Nearly every commodity we follow in this column made a record high price between 2008 and now, but many have fallen back to earth due to innovation, the power of supply and demand or recessions.
In 2008, crude oil prices hit a record high over $147 per barrel as global fuel consumption boomed and new sources of oil were harder and harder to find. Since then, the global economic crisis and advances in fuel economy have undercut fuel demand, while the rapid development of shale oil in the United States increased domestic production by nearly 30 percent......................................Full Article: Source