Effects of oil industry on global society/ economy.

Global Economics and Oil Prices Oil and fossil fuel production and consumption began with the industrial revolution. Some people even claim that the level of industrial success in the world would never have been accomplished if it weren't for easily accessible oil at cheap prices. Historically speaking, high oil prices have tended to cause or coincide with recessions, while lower oil prices have coincided with economic prosperity. Since the industrial revolution, fossil fuels, oil in …

…due to our global community. Oil and fossil fuels are only the tip of the iceberg, but in our post 9/11 world, ending dependence to fossil fuels should be the main concern and priority of every world leader. The world's financial future depends upon whether we choose to end the addiction by choice now by adopting alternative energy sources or by force once we have no choice and the entire world's way of life is destroyed.