Historically, low oil prices have been perceived by many as an overriding positive for the economy. This has especially been the case in the United States where most households rely on car travel as a primary means of transport. Low oil prices allow households to spend more on economic activities other than gasoline and other oil-related expenses. Historically, every time the oil price soared — such as the 1973 oil crisis, the 1991 Gulf War, and in 2008 when oil reached a historical high of $147 a barrel — public opinion always regarded these events as a serious threat to the economy.