It was a global demand for oil climbing faster than the supply that created the price spike. It crashed with the demand as the supply was still trying to climb.
Some of that was a false economy driven by government interference. But it was a global issue, not just a US event.
As I mull over the phrase "global demand", I wonder ... what happens on a global scale, at one time or period of time, that makes a global markret respond ?
Were there more wars at that time than before?
Or more cars produced?
certainly it was not oil based energy manufacturing
What happened that the world suddenly decided it needed more oil?