Recent Oil Crisis - Oil is the major source of energy worldwide and it is expected to remain so over the next few decades. As the technology is changing our environment nowadays,

Oil is the major source of energy worldwide and it is expected to remain so over the next few decades. As the technology is changing our environment nowadays, oil has done it in the 20's and 30's. Ever since, then crude oil has become the main "raw" material in every economy no matter it is a developed one or it is in the developing process. The changes in the prices of the crude oil are …

…the oil crises, but the actual statistical facts are telling us that the dilemma can only be solved in these two institutions. ------------------------------------------------------------------------ **Bibliography** Work Cited: Mankiw, Gregory "Macroeconomics", 4th edition Copyright 2000 Worth Publishers: 249:253 http://www.economist.com by Wallace, Stuart. "Crude Oil Rises as OPEC Seen Cutting Output to Protect Revenue." Date: 1/15/01 http://www.opec.org "Why You Pay so Much for Gasoline and Other Oil Products". Date: 12.20.00 http://www.economist.com "Whither" Date: 1/15/01