Oil Shocks

The video discusses the significant impact of oil price fluctuations on the economy and society, highlighting how these prices are influenced by supply, demand, and strategic reserves. It explains the concept of oil shocks, using historical events like the 1973 oil crisis and the 2006 Israel Lebanon War as examples. The video also predicts that future oil shocks may become more severe and frequent due to dwindling natural supplies, potentially leading to global crises such as droughts, famines, and wars.

What are some factors that determine oil prices?

Describe the events that led to the first major oil shock in 1973.

How can a severe oil shock affect consumer behavior?

What potential future consequences might arise from dwindling oil supplies?

In what ways are the oil shocks of the 1970s similar to current disturbances?