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Welcome to my wall

Here we going to discuss the importance of Oil and how it impacted the global economy during Oil crisis throughout the world. we will learn why Oil has become the world's most important source of energy through videos, images and websites.

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This website talks about the oil crisis during 1973-1974. During that time there was a war going on between Arab countries and Israel. The Arab countries decided to impose an embargo on those who are supporting the Israelis government by supplying them with weapons and ammunition.

I choose this website because it gives up a little bit of history on how Oil was used as a weapon for negotiations. The Arab countries used oil as a tool to bring America and its allies back to the negotiation table to push Israel back to its original country borders and stop the war altogether.

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During the 1973 Arab-Israeli War, Arab members of the Organization of Petroleum Exporting Countries (OPEC) imposed an embargo against the United States in retaliation for the U.S. decision to re-supply the Israeli military and to gain leverage in the post-war peace negotiations. Arab OPEC members also extended the embargo to other countries that supported Israel including the Netherlands, Portugal, and South Africa. The embargo both banned petroleum exports to the targeted nations and introduced cuts in oil production. Several years of negotiations between oil-producing nations and oil companies had already destabilized a decades-old pricing system, which exacerbated the embargo's effects.

The 1973 Oil Embargo acutely strained a U.S. economy that had grown increasingly dependent on foreign oil. The efforts of President Richard M. Nixon's administration to end the embargo signaled a complex shift in the global financial balance of power to oil-producing states and triggered a slew of U.S. attempts to address the foreign policy challenges emanating from long-term dependence on foreign oil.

By 1973, OPEC had demanded that foreign oil corporations increase prices and cede greater shares of revenue to their local subsidiaries. In April, the Nixon administration announced a new energy strategy to boost domestic production to reduce U.S. vulnerability to oil imports and ease the strain of nationwide fuel shortages. That vulnerability would become overtly clear in the fall of that year.

The onset of the embargo contributed to an upward spiral in oil prices with global implications. The price of oil per barrel first doubled, then quadrupled, imposing skyrocketing costs on consumers and structural challenges to the stability of whole national economies. Since the embargo coincided with a devaluation of the dollar, a global recession seemed imminent. U.S. allies in Europe and Japan had stockpiled oil supplies, and thereby secured for themselves a short-term cushion, but the long-term possibility of high oil prices and recession precipitated a rift within the Atlantic Alliance. European nations and Japan found themselves in the uncomfortable position of needing U.S. assistance to secure energy sources, even as they sought to disassociate themselves from U.S. Middle East policy. The United States, which faced a growing dependence on oil consumption and dwindling domestic reserves, found itself more reliant on imported oil than ever before, having to negotiate an end to the embargo under harsh domestic economic circumstances that served to diminish its international leverage. To complicate matters, the embargo's organizers linked its end to successful U.S. efforts to bring about peace between Israel and its Arab neighbors.

Partly in response to these developments, on November 7 the Nixon administration announced Project Independence to promote domestic energy independence. It also engaged in intensive diplomatic efforts among its allies, promoting a consumers' union that would provide strategic depth and a consumers' cartel to control oil pricing. Both of these efforts were only partially successful.

President Nixon and Secretary of State Henry Kissinger recognized the constraints inherent in peace talks to end the war that were coupled with negotiations with Arab OPEC members to end the embargo and increase production. But they also recognized the linkage between the issues in the minds of Arab leaders. The Nixon administration began parallel negotiations with key oil producers to end the embargo, and with Egypt, Syria, and Israel to arrange an Israeli pullout from the Sinai and the Golan Heights. Initial discussions between Kissinger and Arab leaders began in November 1973 and culminated with the First Egyptian-Israeli Disengagement Agreement on January 18, 1974. Though a finalized peace deal failed to materialize, the prospect of a negotiated end to hostilities between Israel and Syria proved sufficient to convince the relevant parties to lift the embargo in March 1974.

The embargo laid bare one of the foremost challenges confronting U.S. policy in the Middle East, that of balancing the contradictory demands of unflinching support for Israel and the preservation of close ties to the Arab oil-producing monarchies. The strains on U.S. bilateral relations with Saudi Arabia revealed the difficulty of reconciling those demands. The U.S. response to the events of 1973-1974 also clarified the need to reconcile U.S. support for Israel to counterbalance Soviet influence in the Arab world with both foreign and domestic economic policies.

The full impact of the embargo, including high inflation and stagnation in oil importers, resulted from a complex set of factors beyond the proximate actions taken by the Arab members of OPEC. The declining leverage of the U.S. and European oil corporations (the "Seven Sisters") that had hitherto stabilized the global oil market, the erosion of excess capacity of East Texas oil fields, and the recent decision to allow the U.S. dollar to float freely in the international exchange all played a role in exacerbating the crisis. Once the broader impact of these factors set in throughout the United States, it triggered new measures beyond the April and November 1973 efforts that focused on energy conservation and development of domestic energy sources. These measures included the creation of the Strategic Petroleum Reserve, a national 55-mile-per-hour speed limit on U.S. highways, and later, President Gerald R. Ford's administration's imposition of fuel economy standards. It also prompted the creation of the International Energy Agency proposed by Kissinger.

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Milestones in the History of U.S. Foreign Relations - Office of the Historian

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This website gives little more detail about how Canada is affected by the low price of oil especially Alberta. In general, low oil prices drag down both interest rates and the Canadian dollar. Alberta might be going into recession, its economy suffering a huge way and  The stock prices of producers Suncor Energy Inc. and Canadian Natural Resources Ltd. were both down 20 to 25 percent.

I learned that Alberta is heavily reliant on oil revenues and they should start thinking about moving away from reliant on oil revenues. Meanwhile, Finance Minister Bill Morneau said "Canada has a “very strong fiscal position” with “a level of debt as a function of our economy that is very low.”

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First, it was COVID-19. Then came the oil market crash, as global oil prices fell around 30 per cent on Monday amid a production war between Saudi Arabia and Russia.

It's an unwelcome one-two punch for the global economy, economists say. But for Canada, the second blow is especially serious.

Oil markets tumbled Monday in their biggest one-day drop since the Gulf War of 1991, as Saudi Arabia and Russia vowed to ramp up oil production after failing to reach an agreement to curtail supply in order to prop up prices.
READ MORE: Plunging oil prices amid coronavirus fears slam Wall Street, TSX
Both Brent crude, the global oil-price benchmark, briefly dropped to around US$31 a barrel, while U.S. West Texas Intermediate (WTI) crude, the North American benchmark, went as low as $27 a barrel. (All oil prices are in U.S. dollars.)

"We've seen a number of oil shocks," BMO chief economist Douglas Porter said. But, he added, "I must say this one is quite abrupt."
READ MORE: Wall Street, TSX pause trading as stocks plunge amid oil market chaos
The last time oil prices dived that low was the oil price crash of 2014-2015. Back then, Porter recalled, "we certainly saw the Alberta economy suffering a huge way."

Alberta headed for recession?

"It's bad news for the Alberta economy on the whole," said Nick Falvo, a research associate at Carleton University. "With this recent drop, I think people will be starting to say the R-word and they would not be foolish in suggesting that."

Canada's energy sector felt the immediate effects of the drop in the price of crude oil. The stock prices of producers Suncor Energy Inc. and Canadian Natural Resources Ltd. were both down 20 to 25 per cent Monday morning.

For now, the impact on oil production in Alberta's oil patch looks likely to be more contained than in the U.S. shale-oil fields, which account for 80 per cent of U.S. output growth, said Rene Santos, manager of North America supply analytics at S&P Global Platts.
READ MORE: 3 new presumptive cases of COVID-19 in Alberta bring total to 7
While the lower oil prices could make a number of new U.S. shale-oil developments uneconomical, the impact on Alberta's producers will be more limited, Santos predicted. That's because the province doesn't have many new projects slated to come online in the near term.

"What is good for Canada is that the oil sands have a very steady production," Santos said.

Oil-price drops are more likely to affect new energy projects that are nearing completion. For existing projects in the oil sands, current production levels should continue for the most part, barring a further, steep drop in prices, Santos said.

Some analysts, however, are now forecasting just such a drop.

Investment giant Goldman Sachs slashed its forecast for crude prices, saying COVID-19 and the Russia-Saudi Arabia rift could send crude below levels seen in the 2014 market crash, which pushed crude prices below $30 a barrel by 2016.

Some believe the decline in oil prices will likely be severe and prolonged.
READ MORE: Alberta premier says coronavirus outbreak may affect balanced budget plan
On Monday, Standard Chartered, a British financial service, cut its average 2020 Brent forecast to $35 per barrel from $64, and its average 2021 Brent forecast to $44 per barrel from $67.

"With supply ramping up at the same time as coronavirus-related demand losses reach their maximum, the short-term floor to oil prices is extremely weak," Standard Chartered said.

Alberta's recent spring budget had forecast West Texas Intermediate will average $58 a barrel in the coming year.

Falvo said this should be a wake-up call for Alberta to move away from being reliant on oil revenues.

"The Kenney government should be thinking carefully about the advantages of investing in the public sector and the drawbacks of cutting in that sector," he said. "Given that you can't change the price of oil, you might want to think about what you can control."

Impact on the rest of Canada

While the last oil shock was painful for oil-producing provinces, " the rest of country pretty much drove on as if nothing really happened," Porter said.
READ MORE: Morneau insists economy can handle coronavirus as economist urges fiscal caution
In general, low oil prices drag down both interest rates and the Canadian dollar, which stimulates economic activity, Porter noted. Lower interest rates mean cheaper borrowing, while a weak loonie helps boost exports.

This time, however, Canada is also coping with the economic implication of COVID-19, which had already put pressure on global oil prices amid factory shutdowns and reduced travel worldwide.

On March 4, the Bank of Canada cut its trend-setting interest rate by half a percentage point to 1.25 per cent in an effort to soften the economic impact of the outbreak.

Now economists expect Ottawa to step in with fiscal measures.

Policymakers should be focused on ensuring the current turmoil "doesn't morph into a broader downturn for the economy," Porter said.

"That means standing ready and, in fact, doing some preemptive things to support consumer and business confidence, to make sure that everyone's aware that the federal government will use its balance sheet as needed to support the economy."

Porter said federal coffers are in fairly good shape compared to other governments.

Stocks fall, oil drops: big problems for Alberta's bottom line

" I'm not particularly worried about a couple of years of big deficits, not when Ottawa can borrow for less than one per cent [interest rate]," Porter said.

The financial market rout has pushed borrowing costs to record lows for a number of governments, including Canada and the U.S., as investors in search of safer assets buy up government bonds.

Still, Ottawa should avoid getting locked into permanently higher spending levels, Porter warned.

What the economy needs is a focused, "surgical" intervention, he said.

In a Monday afternoon press conference, Finance Minister Bill Morneau sought to reassure Canadians, saying Canada has a "very strong fiscal position" with "a level of debt as a function of our economy that is very low."

"First and foremost, we are focused on dealing with assuring people that we have our health system strong," he said.

"We're also making sure that we tell people we have their backs."

Morneau also said he has been in "extensive discussions" with key players and leaders in the banking sector as well as provincial leaders, including Kenney.

In his own afternoon press conference, Kenney told reporters the challenge to Alberta and Canada "could not be more serious."

"We are in uncharted territory," he said, noting that Alberta is "resilient."
- With files by Global News staff, The Canadian Press
"We've gotten through bigger challenges in the past and we'll get through this one together."

Meanwhile Alberta's opposition leader Rachel Notley has called on Kenney to withdraw his budget and submit a new one that recognizes the impact of free-falling oil prices on revenues.

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What the oil plunge means for Canada and Alberta

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First, it was COVID-19. Then came the oil market crash, as global oil prices fell around 30 per cent on Monday amid a production war between Saudi Arabia and Russia. It's an unwelcome one-two punch for the global economy, economists say. But for Canada, the second blow is especially serious.

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This website tells us about the world going under an oil shock again. The demand for crude oil and petroleum are fallen due to the coronavirus pandemic. Millions of people locked down, closed factories, cut supply chains, and reduced transport at home.

One piece of information that I found useful on this website is that Cutting production of oil will help bring the price up to and stabilize the situation. These big oil producers need to cut production  and rise their prices to counter the coronavirus’ effect on the economy

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The world is again undergoing an oil shock.

Prices, already on a downward trend, have collapsed 30% in less than a week, bringing the total fall to nearly 50% since highs in early January. Consumers, of course, can expect gasoline prices to go down, but the story is far more complicated than that.

Having researched energy for decades, I see this as a big deal, not only for the global economy, but for geopolitics, the future of transport and efforts to mitigate climate change, particularly if the world enters into a sustained period of cheap oil.

What happened?

Oil prices have been forced downward due to major influences from both the demand and supply sides.

Demand for crude oil and petroleum fuels has fallen worldwide because of the coronavirus pandemic, nowhere more so than in China. Locking down millions of people closed factories, cut supply chains and reduced transport at home and abroad via trade. This is key, because China is the globe's largest oil importer and a major driver of global demand. A global downturn in demand from transportation, not least in air travel, has eroded demand further.

On the supply side, an uneasy partnership between OPEC and Russia has turned into a bitter breakup. The resulting war for market share has flooded the world with oil.

OPEC and Russia first got together in 2016 to cut production and raise prices against a river of new oil from shale drilling in the U.S. To a degree, it worked - prices did rise, though in volatile fashion.

But at a meeting on March 6, the Saudis proposed yet another cut to counter muted demand from the coronavirus' effect on the economy. Russia said it would elevate production instead, and the Saudis responded by saying they would, too. A few days later, the United Arab Emirates said it would also boost output to record levels and accelerate plans to increase capacity.

Russia's motives seem evident. Suffering under sanctions for its seizure of Crimea, Russia had kept its production relatively muted for years at the bidding of Saudi Arabia, which allowed U.S. shale producers to gain market share at the expense of Russian companies.

There is little doubt, too, that U.S. oil companies are especially vulnerable right now. Many have operated along the edges of profitability and remain deep in debt. With demand falling, an added downward push on prices should bring real pain to the plains of Texas, North Dakota and Ohio. Still, I expect U.S. producers to survive as they have before - by consolidating, finding ways to lower costs, becoming more efficient and innovating.

Floods of oil

Russia's calculus that it could gain market share against shale companies by boosting output was likely accurate, but it probably didn't include the Saudi-UAE response. Russian officials have said companies can probably raise production by around 200,000 to 300,000 barrels per day in the short term, with the Kremlin claiming 500,000 barrels a day later in 2020. My own estimates suggest that, together, the Saudis and Emiratis can boost flows by as much as 3.5 million barrels per day - possibly 10 times the Russian volume - over the rest of this year, with about 2 million barrels in the short term.

Even without any of these increases, there was already a glut of oil globally. According to the International Energy Agency's Oil Market Report for March 2020, the fall in demand and rise in shale production would have left the global market oversupplied by more than 3 million barrels per day unless OPEC made big cuts. This surplus now looks modest compared to what the year seems likely to bring.

Broad and deep global impacts

History may not repeat itself, but it does provide analogies. In 1986, the Saudis opened the spigots against rising production from the North Sea and, more importantly, the Soviet Union. The result was a generation of cheap oil that lasted until Chinese demand forced prices higher starting in 2004. During this era of low oil prices, the U.S. had little development of alternative energy sources; increased consumption; a decline in fuel economy; saw the surge of the SUV; and growth in oil imports to the U.S. That period also saw U.S. military intervention in the Middle East.

Can all this happen again? No. And the direction of prices could, of course, change course. But an era of very low prices, say less than $40 per barrel as exists right now, would bring new negatives, perhaps even more worrisome.

Like what? This is, of course, speculation, but I could imagine the following trends emerging:

Significant economic damage in oil-producing countries beyond OPEC and Russia, including Argentina, Brazil, Guyana, Ivory Coast, Malaysia, Indonesia, Azerbaijan, Kazakhstan.

Major economic and possibly social disruption in nations with fragile democracies, like Iraq, Algeria, Nigeria, Gabon. Iraq is a particular worry, given its partial emergence from war and insurgency.

Bankruptcies, unemployment, rural decay, elevated drug use, "deaths of despair" likely in U.S. states where the oil boom is active, such as Texas, New Mexico, Utah, Colorado, North Dakota, Alaska, Ohio, among others.

Ultra-cheap carbon fuels might turn public interest and vehicle manufacturer incentives away from higher fuel economy and efficiency, including nontransport uses.

Cheap fuel could become a possible hurdle to all-electric transport, which is now at a critical period, as major car and truck manufacturers bring out full lines of electric vehicles through 2025.

Major decline in the value of recyclable plastics as manufacturing new plastic becomes cheaper than the cost of recycling.

Even more importance on government policy to advance action on lowering emissions, therefore on politics, which has not yet proven reliable in this sphere.

Low-price oil could become especially attractive to less developed nations (transport, power generation, heating) now undergoing energy modernization and lacking in income.

Cheap gas isn't everything

The current shock is not yet over at this writing, and more big changes may lie ahead. What can be said with some assurance is that the effects of mega-cheap oil are bound to be diverse and, in some ways, nuanced. But they are not likely to be beneficial. Yes, there will be some perks for consumers if fuel prices are at basement levels for longer than a few months. Food and heating oil, for example, will be variably cheaper.

But ultra-cheap oil is not the world's friend. There are too many reasons to move away from dependence on petroleum in the domain of fuel. I've suggested only some in the list above. Such a move will be a massive undertaking, to say the least. It will not be aided by another era in which oil is more affordable than bottled water.

[ You're smart and curious about the world. So are The Conversation's authors and editors. You can read us daily by subscribing to our newsletter.]

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The oil shock of 2020 appears to be here - and the pain could be wide and deep

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The world is again undergoing an oil shock. Prices, already on a downward trend, have collapsed 30% in less than a week, bringing the total fall to nearly 50% since highs in early January. Consumers, of course, can expect gasoline prices to go down, but the story is far more complicated than that.

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This website talks about how Canadian oil wells are slowly shutting down due to an all-out-war between the oil-producing countries. Even though these countries reach an agreement to cut production to stabilize oil prices, the price in disruption still hurt Canada and the price of crude oil fell to $5 on the global market.

I choose this website because it talks about climate change and how the Canadian oil sands production will not contribute much to efforts to fight climate change. Removing the oil sands production will definitely damage the Canadian economy and give a financial boost to other oil producers.

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Buried underneath today's coronavirus headlines is another shock that may, over the long term, be more consequential to the Canadian economy: the shaky collaboration between OPEC and Russia on the amount of oil they collectively dump on the global energy market.

Their former production alliance - cobbled together to help manage global oil prices upon which their respective economies desperately depend - broke down on March 9.

Saudi Arabia began dumping 10 million barrels per day (mbd) on the export market, sparking an all-out price war. Oil prices subsequently dropped between 20 and 30 per cent, much of it in a single day. Oil-producing countries have since reached a deal to cut production in an effort to stabilize oil prices.

(AP Photo/Kamran Jebreili)

The price disruption will still hurt Canada, and the pain will fall particularly hard on Alberta, where producers are still staggering from the 50 per cent drop in prices they suffered more five years ago. At one point, the price of Alberta crude fell below $5 a barrel on global markets.

They also today face relentless environmental criticism for the " dirty oil " they extract, bickering and indecision from provincial and federal governments, and a long consultative processes with outside stakeholders.

It's no wonder major energy investors, ranging from Teck Resources to Warren Buffet now shun Canada, or that energy companies that once called Canada home are now leaving, taking jobs, expertise and tax dollars with them.

Could this perfect storm force Canada out of the oil production game for good? That should not be allowed to happen. It is in Canada's national interest to remain a significant player in oil and gas production.

The case for Canadian energy production

First, the world needs - and will continue to need - carbon-based energy for decades to come. Before the current coronavirus pandemic, global oil consumption measured over 100 mbd, and in the absence of aggressive policy changes, is projected to rise 1.3 per cent per year until 2040, and then decrease. Canada contributes 4.5 mbd to that total, and its proven reserves add stability to a volatile global market.

Second, eliminating Canadian oilsands production will not contribute much to efforts to fight climate change. True, oilsands production is more carbon-intensive than conventional sources. But those emissions fade to irrelevance when evaluating global totals. In 2014, the oilsands contributed to 0.1 per cent of global emissions. Most emissions continue to come from burning, not extracting, oil.

Third, whatever oil Canada stops producing will be replaced by others whose economies are critically dependent on oil revenue and would be happy to fill the gap. Eliminating oil sands production would damage our economy, contribute little in ameliorating climate change and give a fiscal boost to other oil producers.

Read more: The coronavirus is just the latest blow to oil producers

Finally, we are good at this. Canada's strength in energy production - in engineering, finance and specialized ancillary services - took decades to build and the sector's performance still matters to anyone who has a pension or exchange-traded mutual fund.

We have also built emerging strengths in environmental, social and governance performance (ESG), which investors increasingly care about. This mitigates the " resource curse " and gives us an advantage over many international oil competitors.

What should we do now?

First, companies need regulatory clarity. Without this, investment in technologies designed to reduce environmental footprints will be choked.

They also need a government that values its oil industry and is committed to helping it get through the current crises and beyond. Economic help could include price supports to keep prices from falling below a certain level, direct investments in companies that could later be sold at a profit or tariffs on imported oil. Others have used such measures effectively, giving plenty of historical precedent.

Canadian citizens can help by tempering altruism with realism. We can and should push for greener technologies and sources to take a greater portion of overall energy production. But it will take decades for green energy to fully replace carbon in the energy mix.

Meanwhile, carbon-based energy production generates jobs, taxes and expertise right now and Canadian oil companies can lead in ESG performance. It is OK to promote that too.

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After the oil shock: Canada's energy producers need support from Ottawa

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Buried underneath today's coronavirus headlines is another shock that may, over the long term, be more consequential to the Canadian economy: the shaky collaboration between OPEC and Russia on the amount of oil they collectively dump on the global energy market.

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This video reveals that ongoing covid-19 has a major impact on oil prices around the world. There is way too much oil in the market and countries who produced oil are selling it at a discount. A country like Saudi Arabia is lowering the prices of oil in order to take market share from Russia and other small countries.

I choose this video because it’s very helpful and short to understand how Covid-19 is having a huge impact on the oil market around the world. The video clearly hints that covid-19 could possibly put the global economy into recession and the only way for that to not happen if the global economy picks up the demand.

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The video is a great guide to understand how the world economic crisis went from bad to worse during this pandemic. The biggest oil producers countries were worried that the pandemic was forcing countries into lock-down which means they were going to sell less oil so they started an oil price war.

I choose this video because it explains why the oil market crashed and why it's getting worse each year. I learned that two of the biggest oil producers control to either increase or decrease the price of the oil at any time. This oil price war is literally making both American and Canadian companies going bankrupt.

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This Economic Crash Just Got Worse... Oil Company Bankruptcies and a Global Recession

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1. What did you learn about your topic that surprised you the most?
The thing that surprised me the most was how Giant oil producers countries control most of the global oil production and their decisions can either fix or damage the entire global economy.

2. Provide a real-life example of how this topic is relevant or interesting for you.
This topic is interesting because everyone that drives a car can now appreciate the low prices but when the pandemic is over there will be high demand for oil and the prices will go high again.

3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

The important thing to pass on is that work hard and keep moving forward even in tough times like this pandemic.

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This video reveals that 2020 is not a good year for the oil industry because of the Covid-19 a lot of people are staying home, and airlines are mostly closed. The demand for oil is very low, compare to before the outbreak which the world was consuming around 100 million barrels a day.

I learned that due to the pandemic a lot of small companies are going bankrupt due to less demand for oil. There is a brutal price war between countries like Saudi Arabia and Russia and because of that smallest companies cannot compete with their low prices on the market.

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51 Global oil crisis: Bottom of the barrel is still unclear

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This video reveals how Canadian crude oil prices hit a low record and all the major oil producers think that cutting production will fix the problem. The video discusses that will all companies get on board with this idea and how much difference will it make in the future.

I choose this video because I learned a lot from this video on how Canada is dealing with all-time low oil prices. I learned that Canada is getting crushed due to not having large market access and everyone is looking for a solution to this crisis.

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Oil company calls for government-mandated production cuts | Power & Politics

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This Image reveals that there was a big Gas shortage during that time. The situation was so crucial that they only allowed a limited 10 gals of gas per person.

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The image clearly shows that the station is closed due to the lack of oil. This old image tells us during that time it was hard to find oil due to the country relying heavily on importing oil from other countries.