World oil economic

Running Head : World Oil Economy

World Oil Economy

[Writer 's Name]

[Institute 's Name]

World Oil Economy

Energy has been the main concern of nations looking for progress and development throughout history , oil has always been one such means of energy that is capable of sustaining the large scale development projects many nations have undertaken , the utility generated by oil cannot be substituted with the same efficiency by any other energy generation means , oil today is used in transportation , manufacturing infrastructure development , power generation etc . All the uses of

oil are so vital and important in nature that any hindrance in the supply of oil can wreck havoc in the world economic system . In recent years , we have seen the prices of oil reach to new heights and it 's an accepted fact that oil prices fluctuating always deal a blow to the economic system on a global level . Whenever there is uncertainty about oil supply due to violence in the Niger delta or political turmoil in Iran or Venezuela or due to the Iraq war . The world markets always react to it and we see a negative impact on the overall economy the prices of oil surge to record heights , such is the case we witnessed in 2008 and early 2009 until recession came into full force and due to dropping demand the prices of oil lowered considerable . But the fundamental question remained energy and the quest for energy and how the global oil economy is working having a...