The sharp drop in international oil prices in 2008 was mainly due to the outbreak of the global financial crisis. At that time, the global financial market tsunami rooted in the American subprime mortgage crisis hit the global market, leading to the bursting of the global real estate bubble, the excessive prosperity of the virtual economy and the false prosperity of the excessive leverage of financial institutions. At the same time, the oil market is oversupplied, and the rapid departure of speculative funds has prompted oil prices to continue to fall.