Describe how oil use has impacted economics and politics over the past two centuries.

1 answer:

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For some countries, higher oil prices mean finally having the money needed to invest in desperately outdated infrastructure, technology and means to successfully building a sustainable defense and military that protects the borders and sovereignty of the nation, eliminating many incursions, invasions and all out turf wars before they can ever get started.
Oil price increases are generally thought to increase inflation and reduce economic growth. In terms of inflation, oil prices directly affect the prices of goods made with petroleum products. ... Increases in oil prices can depress the supply of other goods because they increase the costs of producing them.

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