Since oil was discovered at the end of the 19th century, it has been consumed by society in an abundant way, especially in today's industrial and consumer society.
In the 70s it was discovered that oil is an exhaustible source, this statement raised the price of the product, in just over seven years the price of a barrel of oil practically tripled.
This caused an increase in the value of the primary product of underdeveloped countries, surpassing industrialized products from developed countries.
There were several factors that led to the rise in oil prices, including the creation of OPEC (Organization of Petroleum Exporting Countries), formed by the main oil producers in the world to unify the price of the product, promoting an international cartel and controlling the supply of the product in the Marketplace.
Oil also serves as a political instrument to exert pressure on the world's great powers.
The United States and Europe supported Israel in the war against the Arabs, supplying weapons, this fact angered the countries Arabs, who used oil as a means of reaching the nations that supported Israel, as they decreased production and raised the prices.
Between the 1980s and 1990s, several fluctuations in the value of oil occurred.
Oil crises can be caused by conflicts in the Middle East, which limit production and raise value. The level of consumption of an importer interferes with the price, which reinforces the law of supply and demand.
When analyzing these facts, which often cause divergences, you can imagine what will happen when this resource runs out, because estimates show that the fuel will run out in approximately 70 years, which will force man to seek new alternative sources power.
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Eduardo de Freitas
Graduated in Geography
Brazil School Team
See more
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Petroleum - The formation of this important source of energy.
Oil in Brazil - The trajectory of this fossil resource in the Brazilian economy.
Oil Crisis - The rise in oil barrel prices on the international market.
History of Oil in Brazil- From the Vargas monopoly to the construction of the P-50.
Wars: Gulf War - A war motivated by black gold.
Fuels - geography - Brazil School
Would you like to reference this text in a school or academic work? Look:
FREITAS, Eduardo de. "The Oil Crisis"; Brazil School. Available in: https://brasilescola.uol.com.br/geografia/a-crise-do-petroleo.htm. Accessed on June 27, 2021.
