Price of oilThe price of oil, or the oil price, generally refers to the spot price of a barrel () of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil, Isthmus, and Western Canadian Select (WCS). Oil prices are determined by global supply and demand, rather than any country's domestic production level. The global price of crude oil was relatively consistent in the nineteenth century and early twentieth century.
World oil market chronology from 2003From the mid-1980s to September 2003, the inflation adjusted price of a barrel of crude oil on NYMEX was generally under 25/barrel.Then,during2004,thepriceroseabove40, and then 60.Aseriesofeventsledthepricetoexceed60 by August 11, 2005, leading to a record-speed hike that reached 75bythemiddleof2006.Pricesthendroppedbackto60/barrel by the early part of 2007 before rising steeply again to 92/barrelbyOctober2007,and99.29/barrel for December futures in New York on November 21, 2007. 2000s energy crisisFrom the mid-1980s to September 2003, the inflation-adjusted price of a barrel of crude oil on NYMEX was generally under US25/barrelin2008dollars.During2003,thepriceroseabove30, reached 60by11August2005,andpeakedat147.30 in July 2008. Commentators attributed these price increases to many factors, including Middle East tension, soaring demand from China, the falling value of the U.S. dollar, reports showing a decline in petroleum reserves, worries over peak oil, and financial speculation. Peak oilPeak oil is the point in time when the maximum rate of global oil production is reached, after which production will begin an irreversible decline. It is related to the distinct concept of oil depletion; while global petroleum reserves are finite, the limiting factor is not whether the oil exists but whether it can be extracted economically at a given price. A secular decline in oil extraction could be caused both by depletion of accessible reserves and by reductions in demand that reduce the price relative to the cost of extraction, as might be induced to reduce carbon emissions.
1980s oil glutThe 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis. The world price of oil had peaked in 1980 at over US35perbarrel(equivalentto per barrel in dollars, when adjusted for inflation); it fell in 1986 from 27tobelow10 (to in dollars). The glut began in the early 1980s as a result of slowed economic activity in industrial countries due to the crises of the 1970s, especially in 1973 and 1979, and the energy conservation spurred by high fuel prices. Effects of climate changeClimate change affects the physical environment, ecosystems and human societies. Changes in the climate system include an overall warming trend, more extreme weather and rising sea levels. These in turn impact nature and wildlife, as well as human settlements and societies. The effects of human-caused climate change are broad and far-reaching, especially if significant climate action is not taken. The projected and observed negative impacts of climate change are sometimes referred to as the climate crisis.
Gasoline and diesel usage and pricingThe usage and pricing of gasoline (or petrol) results from factors such as crude oil prices, processing and distribution costs, local demand, the strength of local currencies, local taxation, and the availability of local sources of gasoline (supply). Since fuels are traded worldwide, the trade prices are similar. The price paid by consumers largely reflects national pricing policy. Most countries impose taxes on gasoline (petrol), which causes air pollution and climate change; whereas a few, such as Venezuela, subsidize the cost.
Effects of climate change on human healthThe effects of climate change on human health are increasingly well studied and quantified. They can be grouped into direct effects (for example due to heat waves, extreme weather events) or indirect effects. The latter take place through changes in the biosphere for example due to changes in water and air quality, food security and displacement. Social dynamics such as age, gender or socioeconomic status influence to what extent these effects become wide-spread risks to human health.
Politics of climate changeThe politics of climate change results from different perspectives on how to respond to climate change. Global warming is driven largely by the emissions of greenhouse gases due to human economic activity, especially the burning of fossil fuels, certain industries like cement and steel production, and land use for agriculture and forestry. Since the Industrial Revolution, fossil fuels have provided the main source of energy for economic and technological development.
Effects of climate change on agricultureThe effects of climate change on agriculture can result in lower crop yields and nutritional quality due to drought, heat waves and flooding as well as increases in pests and plant diseases. Climate change impacts are making it harder for agricultural activities to meet human needs. The effects are unevenly distributed across the world and are caused by changes in temperature, precipitation and atmospheric carbon dioxide levels due to global climate change. In 2019, millions were already suffering from food insecurity due to climate change.
