Oil's Rollercoaster Ride: What We Can Learn from its Turbulent History The recent price of $95. 29 per barrel may seem like a staggering figure, but what does it really mean?
To understand the significance of this number, one must consider oil's turbulent history, which has been shaped by wars, recessions, OPEC whims, and evolving energy initiatives and policies.
One notable example is the 1970s when the Middle East imposed an embargo on the US and others during the Yom Kippur War, causing prices to spike.