In 2005, the price of crude oil topped $60 a barrel for the first time, causing the price of gasoline to soar past $2 a gallon.
At the time, Bruce Bell, then chairman of the Mid-Continent Oil and Gas Association of Oklahoma, said climbing prices would have to eventually lead the American public to focus on fuel conservation.
“We will reach a limit somewhere when the price of oil and all the other products it underlies will be so high that people are going to start using less,” Bell said in a June 27, 2005, interview with The Oklahoman. “They'll find ways to conserve. A lot of people thought that price was $40, and a lot said it was $50. But apparently we haven't found it yet.”
Turns out, the price was closer to $95, but when we hit the limit, we hit it hard.