Oil Markets Crisis

A Short History of Oil Crises Oil quite literally makes the world as we know it turn. Shortages or rising prices unsurprisingly cause panic: but what causes them? We delve into the history of how and why oil crises have come about in the past, the impact they've had, and their legacy in the modern world. The importance of oil in modern economic and political terms cannot be underestimated. Ever since the early 20th century, oil (and in particular petroleum and kerosene) has become the dominant energy source across the world, powering everything from cars and domestic heating to huge industry titans and manufacturing plants. Those who have oil reserves wield a huge amount of power over our oil-centred energy systems, and those who buy oil are (often) cripplingly dependent on the market, and the diplomatic relations which drive it. Following the formation of OPEC (the Organization of the Petroleum Exporting Countries) in 1960, Western nations in particular have become all too aware of their need to maintain good diplomatic relations with oil-producing countries. When tensions flare within OPEC or externally, the market fluctuates and oil can quickly become an even more precious