OIL CRISIS

Crude oil also known as black gold is the FATHER of energy. The majority of the energy products used in our lives on daily basis are mainly derived from Crude oil such as petrol, oil extract used in industries and Cooking oil.The essence of oil is definite and clear, the crisis arise when insufficient of this resource is available for consumption. Concern  over the depletion of the earth's finite reserves of oil, and the effect this would have on a society dependent on it is not very optimist. The countries who have rich quantities of this resource are:

1. The middle Eastern countries who have doubtlessly the largest share in the export of oil. The top being Saudi Arabia and these are the dominant and foremost oil export driven economies.
2. Russia itself has the Second largest share in the world market, the chief consumer is Europe where the Russia not only exports Crude Oil but Gas as well.
3. The less share of world's market is accredited to some European countries and African countries with Nigeria contributing the largest.

Without more ado, the crisis that the world has faced in the past or facing in the present is of the principal importance to this article hence the discussion about them would unfold.
OIL CRISIS OF 1973:
The oil crisis began in Oct 1973 when the members of the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo. By the end of the embargo in March 1974, the price of oil had risen from US $3 per Barrel to NEARLY $12 GLOBALLY. The Arab and Western differences over Israel is blamed for this.
OIL CRISIS OF 1979:
It occurred in the United States due to decreased oil output in the wake of the Iranian Revolution. The global production reduced only 4% but panic in the world market caused the prices to surge 200%.
OIL CRISIS OF 1990:
The Kuwait invasion by Iraq, both the members of OPEC though only lasted 9 months but the oil prices almost doubled to $36.
OIL CRISIS OF 2008:
The economic crisis of 2008 that shifted the whole prospect of growth affected all the world. This caused the demand for oil swelled, this led to the price of oil to suffer.
OIL CRISIS OF 2015 and 2016:
The oil prices plummeted in 2015. The theory behind this was that increase in US oil production doubled hence demand from the world's largest importer decreased causing the major OPEC countries to shift their focus for West to ASIAN MARKETS but weaker sales got the best of it.

Solution:
The oil glut would obviously force the price to come down a notch in the short term. The supply from the exporters namely the OPEC members needs to be controlled and they have to devise a plan to strategically handle the issue efficiently until it pertains. Another thing to be noted is the prices of oil were affected in times of political instability due to reasons such as Iraq-Kuwait War, US-Arab difference and Iranian Revolution etc. Thus the Crude Oil suffered so it is crucial to not let politics affect this necessity of life. The prices must not surge or deviate abnormally so the respective Governments have to take responsible and required action.