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 …showed first 75 words of 1306 total…

…showed last 75 words of 1306 total…have briefly examined the appropriate macroeconomic theory, and the two previous oil crises in order to get a clearer picture of the possible implications that an economy can face during a global oil crisis, similar to the current one. We cannot sue neither OPEC nor the national governments about being major initiators of the oil crises, but the actual statistical facts are telling us that the dilemma can only be solved in these two institutions.