Oil is the «blood» of the modern economy, the main energy resource in the world economy and a valuable source of raw materials for the production of synthetic goods.
Oil is a non-renewable resource. The largest reserves were found in Venezuela, the countries of the Middle East, Russia, the USA, in general, proven oil reserves
Of course, this is not all the reserves of «black gold». For example, all the fields in Siberia and the Far East have not yet been discovered. The Arctic can produce at least 90 billion barrels.
Hidden under the ice, Antarctica hides another 500 billion barrels of oil. True, it is economically unprofitable to extract it: there is neither infrastructure nor suitable equipment on the continent.
The 1973 oil crisis is a prime example of a fuel collapse. Then a war broke out in the Middle East between Israel and the Arab states. The USA and Europe supported the Jews. In response, the Arabs in a coordinated manner imposed a trade embargo on Western countries, declaring that they would no longer sell oil.
However, the residents of the United States experienced extreme stress.
When the gas stations finally ran out of fuel, there was a surge in crime. People took to the streets, staged pogroms, fired at drivers and took their fuel. The Americans were lucky, six months later, oil supplies were resumed.
However, oil will not run out overnight, as happened with the United States in 1973. The reserves will be gradually depleted, being replaced by other sources of energy. Therefore, terrible events will not happen.
The role of oil is already decreasing:
The lessons of any crisis show that decline is always followed by growth. In 1974, the United States began to produce more fuel efficient cars, and production significantly reduced its dependence on fuel.
Probably many political regimes will not survive the oil crisis
On the other hand, we still have time to prepare and deal with other sectors of the economy: attracting large foreign companies, developing alternative energy, tourism, and so on.
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