Oil is perhaps the most important resource available on this planet.
Many countries have oil fields and some countries also fight for oil fields by creating artificial islands.
In world war II Japan attacked pearl harbor, to destroy the oil reserves present there. Only because Britain was not able to import oil because of German U-boats it made a deal with USA ending some of the Britain’s exclusive colonial rights which then lead to independence of many nations. Wars have been fought for oil and also won with enough oils in winner nation’s belly.
So why oil is so much important ?
Answer is simple: A nation can’t function without it. If any of you reader’s have watched house of cards, you can remember that how just because of political conflict oil crisis started and lasted till demands were fulfilled.
Lets put it in a simple way, your country is planning to go on war with neighboring countries, what will be double checked by govt.?
- Do we have enough food?
- Do we have enough oil to fill our tanks and airplanes?
- and ‘x’ number of things.
But first two things are common. Our entire transportation (Which is heart of every country) will fail without oil. That’s why oil is most important thing on this planet. That’s why Saudi Arabia, United Arab Emirates, Kuwait and other gulf countries saw such a development in such a short time, just by selling oil.
OPEC: Organization of Petroleum Exporting Countries Decides when to cut oil supply when to flood markets with oil and so many more things related to oil. Russia isn’t the member because Russian Govt. will not let anyone decide when to sell Petroleum and when to not.
But any action that OPEC takes create a global impact, take a look at this news
As our Oil resources are getting scarce and if we don’t find any alternative energy resource then we are pushing world to the next war or perhaps to the next great depression. But Scientists are developing alternative energy resources and also improving existing ones and some people say that results are looking promising. But as long as our economy (World economy) fluctuates with fluctuating oil prices we will face any consequence associated with it.