Industrialization and Crude Oil

Crude oil is an important part of many country’s economies. Whether they export it to other countries or import it, the roots of the crude oil industry is linked to industrialization. The modern day issue (2014) that I found related to Industrialization was when Saudi Arabia cut the price of crude oil exports to the United States on November 4, 2014. The source that I used was an article from The Wall Street Journal. Saudi Arabia has been the world’s largest oil exporter. Oil revolutionized machinery and automobiles for us, without oil we wouldn’t have these things. Part of industrialization was making profit to improve an economy and this is how it is used today. Countries export oil to make profit. I think this is an important issue because we use it everyday when we’re driving. Just like how we watch gas prices increase and decrease, we should also acknowledge this perspective of increase and decreases in the price of crude oil be imported to the US.

MI-CG613_SAUDIO_16U_20141204175108(Primary Source from The Wall Street Journal)

This graph shows us the increases and decreases in crude oil export prices in the US, Asia, Mediterranean, and Northwest Europe. Graphs like these are important when we want to analyze changes over a period of time on issues such as this.

 

Contemporary Issue Link:

http://www.wsj.com/articles/saudi-arabia-cuts-all-january-crude-oil-prices-to-u-s-asia-1417700645

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