Why Did Oil Hit $147 In 2008? WTI CRUDE OILTVC:USOILClosingTicksIn this video I break down the perfect storm behind the 2008 oil spike — booming global demand, tight supply, geopolitical risk and a weaker dollar — then compare it with today’s market. The interesting part? Oil can now be far below its 2008 peak while drivers still pay more at the pump. Understanding that difference gives much more context when analysing USOIL fundamentals.