In each time, it's been because a glut of oil has flooded the market.

每次都是由於大量的石油在市場上氾濫

It's pretty simple: more supply than demand makes oil cheap.

道理相當簡單，供給大於需求會使得油價下降

Now, the reason for the oversupply has been different each time,

雖然每次過度供給的原因都不同，

but the outcome has always been the same.

但結果都是一樣的

It takes months, sometimes years, for the oil market to correct itself.

且通常要花上數月，甚至好幾年，市場才能恢復正常運作

Back in the mid-80s, oil production surged in Alaska and other parts of the US.

在 1980 年代，阿拉斯加和美國其他地區的石油開始盛產

Saudi Arabia confronted the threat by opening its taps,

沙烏地阿拉伯為了競爭便開始大量採油

and prices plunged more than 60%, to ten dollars a barrel—

價格下跌超過六成，價格來到十美元一桶

about twenty dollars today.

差不多是今天的二十美元

US producers suffered, Saudi Arabia regained the control of the market,

美國的製油商一掘不振，沙烏地阿拉伯開始接管石油市場的控制權

and it wasn't until four years later, in 1990,

直到過了四年，1990年

that prices went back to pre-1986 levels.

油價才回穩到1986年之前的水準

A decade later, OPEC increased production

十年後，OPEC增加了產量

because of increased demand coming from Asia,

為了供給亞洲漸增的需求

but the timing couldn't have been worse.

但這時機卻是不能再更糟了

A financial crisis erupted across the region,

整個亞洲爆發了金融危機

demand plummeted, and once again prices collapsed almost as low as ten dollars a barrel.

需求瞬間下降，油價又再一次下跌，甚至跌到十美元一桶

OPEC quickly reversed its decision and slashed production,

OPEC 很快速的修正了它的決策，大幅減少產量

and the next year, prices more than doubled.

隔年價格便超過了原先的兩倍

The oil market suffered the steepest crash in history in 2008,

石油市場在 2008 年遭受到了最大的打擊

because of the global recession.

由於全球的經濟衰退

When the economic tanked, so did the demand for oil,

當經濟不景氣，對於油價的需求也會下降

the prices fell 78%, to about thirty dollars a barrel.

價格下跌了 78%，大約是三十美元一桶

OPEC stepped in and agreed to its biggest ever production cuts,

OPEC 介入，並同意做出它最大一次的產量消減

which helped the price recover through 2009.

最後幫助油價在 2009 年回穩

That brings us to the most recent oil glut.

接著我們來到最近一次的石油過產

American oil output has almost doubled in the past five years

美國的產油量在近五年來幾乎翻倍

because of shale production.

這是由於頁岩石油開採的緣故

But OPEC has refused to cut back.

但是 OPEC 拒絕減少輸出石油，

There's roughly enough oil in storage

他們的儲藏油量多到

to power the entire developed world for two months.

足以支撐整個已開發世界兩個月

Prices dropped more than 70% to less than thirty dollars a barrel.

價格又跌了七成，到低於三十美元一桶

And with both OPEC and the major US producers not significantly cutting back,

而 OPEC 和美國主要產油都不願意大幅減產的局面

recovering from this slump might take even longer than in the past.

將導致這次價格的暴跌要花比前更久的時間恢復