Economic conditions So, with that background, let me turn to an overview of the U.S. economy as we enter the fourth quarter of 2014. The economic expansion began more than five years ago in June 2009. While the pace has been sluggish and uneven, I believe progress is undeniable. In fact, I remain optimistic about the prospects ahead.
BIS Review 68/2004  1  Economic developments this year have undoubtedly been influenced by the steep run-up in oil prices from about $ per barrel for West Texas intermediate crude oil in December 2003 to a record level of $ per barrel this past October.