u.s. crude oil hit over $50 a barrel in 2004, the highest price since the New York Mercantile Exchange began trading crude oil futures 21 years ago. this price paled when compared with the near $70 per barrel prices in 2006. with transportation being central to the tourism industry's survival, sustained high oil prices will have negative impact for the industry in the long run. tourism in Thailand experienced the negative impact of high oil prices during the first Gulf War period in 1991-1992 and suffered for more than a year.