In July 2008, oil reached $147, setting a record high. At that time, scenarios of oil reaching $200-$250 were flying around. The high cost of oil increased transportation and production costs so much that the global economy was suffocating. People cut back on spending, and consumption collapsed. With the demand suddenly sharply declining due to the impact of the global financial crisis, oil prices fell to around $30 within just a few months. If the $200 oil scenario occurs, economies will reach a breaking point similar to 2008. This makes it impossible for prices to stay high.

In 2008, the Fed cut interest rates to zero after the crisis. Today, however, interest rates are already high. If oil cools down the economy, the Fed's room to cut rates and inject liquidity into the market is actually more apparent than in 2008.
In 2008, the US was not such a large producer. Today, with a record production of 13.6 million barrels and massive reserves, let's not forget that they hold a much stronger hammer that could push prices to new highs compared to 2008.