20% increase in the amount of oil produced/consumed daily, not to mention 400 billion barrels consumed between now and then.
New oil replacements to maintain that growing production are not cheap like back then.
I meant to say 2004, not 2002. Yes, there was a spike in supply between 2002 and 2004, but prices tripled between 2004 and 2010, despite the supply and demand being almost unchanged. Fact is they never recovered from the supply shock of the 2005 hurricane season, but instead have been kept artificially high by the banking conglomerate.