Price of oil
The price of oil changes constantly, depending on how much is produced and consumed. Many factors can influence the price of oil. Especially wars and conflicts in oil-producing countries can lead to a rise in oil prices. The energy crisis of the 1970s, for example, led to a dramatic rise in oil prices and threw the world’s economy into a deep recession. The Organization of Petroleum Exporting Countries (OPEC) has had a great influence on production and the price of oil since the 1970s.