- The Eras of Oil
Oil prices seem to shoot in all directions nowadays. As the global economy’s most vital commodity, even the slightest event can send prices spiraling upward, or, as history has shown time and time again, plunging downwards. Looking into the history and analysis of crude oil prices, the economic factors can be divided into three distinct eras: before OPEC, OPEC dominance, and the age of speculation.
The Early Days
Almost outside of living memory now is the fact that oil replaced coal as the primary fuel source because it was more efficient, and therefore cheaper. Read more