Oil markets are a complex global system of producing, distributing, trading, and pricing petroleum products used to make diesel, jet fuel, solvents, and more.
Hours of research by our editors, distilled into minutes of clarity.
The video from the Economist highlights how energy supply disruptions can be weaponized—just as in 1973, today’s gas cutoffs (Russia throttling supplies to Europe after their invasion of Ukraine) reveal the ongoing importance of strategic energy resilience.
Russia's war in Ukraine spurred calls in the US to increase fracking, which has historically reduced dependence on foreign nations and increased national security. However, some experts argue that renewable energy provides even better energy independence, as fracking investments may not be worthwhile if importing fossil fuels is significantly cheaper.
Following the June 1967 Arab–Israeli war, Saudi Arabia, Kuwait, Iraq, Libya, and Algeria embargoed oil shipments to the US, UK, and West Germany. While the move did not have a large impact, it reshaped global oil flows, and foreshadowed OAPEC's later actions.
Faced with the 1973 Arab oil embargo, the U.S. responded with bold innovation—enacting a 55 mph speed limit, pioneering daylight saving time, boosting solar research, expanding nuclear power, and pushing energy-efficient building designs and automotive technologies
OPEC’s official members page features profiles for all 12 current member countries—Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, UAE, and Venezuela—detailing their joining history, national data, and links to individual country pages.
The shortages imposed by the Organization of Petroleum Exporting Countries (OPEC) created a global energy crisis and economic instability after the Arab-Israeli War. This led to investments in green technologies and improvements in automobile fuel efficiency and manufacturing.
OPEC’s official website offers a comprehensive hub for its core work—featuring press releases, monthly and statistical reports, digital publications like the World Oil Outlook and Annual Statistical Bulletin, and other research center materials.
NPR’s Four Days in August podcast recounts the four days of covert CIA‑UK operations in Iran that toppled Prime Minister Mossadegh in August 1953. Threats of Iranian oil nationalization were a major driver of the decision to facilitate regime change.
This episode of The Rest Is History podcast traces oil’s pivotal role—from fueling industrial growth to steering imperial power. It also examines how access to oil shaped US politics, World War II, and sparked the creation of OPEC following the Suez Crisis.
OPEC+ emerged in 2016 when 10 additional producers, including Russia, joined to stabilize markets amid U.S. shale growth. In 2022, OPEC alone supplied 38 % of global crude oil, but combined with OPEC+, output reached nearly 59 % of world production—significantly amplifying its market power.
The United States is home to more than 33 million businesses, the vast majority of which are small businesses, with millions being created (and others closing shop) every year. These businesses often rely on loans, provide the goods and services that keep the economy flowing, and sometimes even grow large enough to enter public markets or provide private investment opportunities. Explore key topics central to business and finance, from the role of the Federal Reserve to how initial public offerings work, how millions of American students finance higher education, and more.