Sign up to get full access to all our latest Oil & Gas IQ content, reports, webinars, and online events.

Crash, Bang, Wall Street

Add bookmark

October 24th, 1929, New York, New York State, United States of America –A day like any other in North America’s most populous city. But today there would be a more sinister bite to the cold autumnal breeze. The Roaring Twenties were about to come to an end with an almighty crash.

The opening bell sounds on the floor of the New York Stock Exchange. By close of trading, the market has lost nine per cent of its value in a frenzied flurry of action three times busier than any other day that year. This was the most devastating day in US financial history and would become known as "Black Thursday", the beginning of the Great Depression that would ravage the industrialised nations of the world for a decade and claim up to seven million lives through poverty and hunger.

The price of oil in 1929 was $1.27 per barrel, it would not reach those heights again until 1947.

October 24th, 2008, New York, New York State, United States of America –A day like any other in North America’s most populous city. But today there would be a more sinister bite to the cold autumnal breeze. The Noughties Boom was about to come to and end with an almighty crash.

Opening bells sound across the world’s stock markets. By close of trading, the world’s major exchanges have experienced the worst routs in their history, with losses of around 10 per cent in most indices. This day would become known as "Bloody Friday, a "once in a lifetime crisis, and possibly the largest financial crisis of its kind in human history", beginning the Great Recession, the worst global recession since World War II, and one we are still feeling the effects of today.

The price of oil in 2008 was $97.26, it would not reach those heights again until 2011.

The moral of the story? Don’t be messing around with money in New York on the 24th of October, it doesn’t end well!


Upcoming Events

Operational Excellence in Oil and Gas Summit

November 4-6, 2025

Norris Conference Center (CityCentre), Houston, TX

Operational Excellence in Oil and Gas Summit

LNG Bunkering North America

November 18 - 20, 2025

Virginia, United States

LNG Bunkering North America

LNG Bunkering Summit

November 25 - 28, 2025

Amara Sanctuary Sentosa | Singapore

LNG Bunkering Summit

Methane Mitigation America Summit

December 2-4, 2025

The Westin Galleria Houston, Texas

Methane Mitigation America Summit

Intelligent Asset Management in Energy

December 2-4, 2025

Norris Conference Center (CityCentre), Houston, TX

Intelligent Asset Management in Energy

Latest Webinars

On Demand Webinar - Unlocking Industrial Innovation: From Data to AI Empowerment

2025-06-10

10:00 AM - 10:45 AM CST

Join us to explore how Celona, Digi and Inductive Automation are helping industrial enterprises enab...

On-Demand: Guide to Ending Connectivity Woes with Private 5G

2025-04-29

08:00 AM - 08:45 AM CST

In this webinar, we break down the five fundamental tenets of private 5G deployment, ensuring maximu...

Webinar: Leveraging AI-Driven Visual Data Science for Enhanced Operational Excellence

2024-11-18

10:00 AM - 10:45 AM EST

Learn how AI-driven exploration, cross-layer data analysis, and visual data science are empowering t...

Recommended