Global Economics and Oil Prices
Oil and fossil fuel production and consumption began with the industrial revolution. Some people even claim that the level of industrial success in the world would never have been accomplished if it weren't for easily accessible oil at cheap prices. Historically speaking, high oil prices have tended to cause or coincide with recessions, while lower oil prices have coincided with economic prosperity. Since the industrial revolution, fossil fuels, oil in particular, have been and still are very important to the global economy.
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