The history of oil - YouTube

Oil is falling

147 Dollars a hundred and ten Dollars

[$60]

$45 once upon a time oil was sold in America for as cheap as one cent per liter

50 years ago these countries produced most of the [oil]

Venezuela

Saudi Arabia, Iran Iraq and Kuwait

They sold their oil at whatever price they got

My price is $10 a barrel but other countries are selling their oil for $9

Here take mine for $8 one barrel equals

159 liters of Petrol soon the whole World wanted more and more of their oil

We have to charge higher prices for a royal, but how

in

1960 these five countries formed a group

Our group will now be known as the oil producing and exporting countries

OPEC for short and together we'll sell our oil at only one price

Eight more countries joined them and the price of oil suddenly shot up

other countries like uk and Russia also found lots of oil

We're not part of opec and [we'll] decide our own price

The world was soon flooded with more oil from more than 15 nations keeping price

Low at about $40 a barrel

buy my oil

No buy from me

But that was [about] to change

15 Years back when the us China and Europe were growing they needed lots of oil

This made the price rise

When the price [of] oil increases the cost of transporting goods from the factories to shops rises

by Road

by sea by Air

from end

2003 the price of Oil Began jumping up

as

India is the fourth largest buyer of oil in the world prices of foods and [vegetables] began to rise

The Usa also makes oil, but use more than they produce so they too faced rising prices

Rupees 70 per [litre]

But countries that were selling the oil. [oh] boy they were having fun

Building Malls

Fancy Buildings giving almost free petrol to its citizens

As it so often happens no party lasts forever

2011 in the [u.s.]

We have discovered a new way of removing oil from under the Earth's crust. It's called fracking and

while it costs over [$100] to buy oil

we can now make it at

$60

China and Europe that only [10] years back required large amounts of oil

Business is not good so we don't need as much oil as before

With these two blows at the same time the price of oil began to drop

The biggest oil Buyer Usa was now going to become an oil seller

By 2020 we'll make more oil than we need

today these three [countries] make the most oil

11 Million Barrels, USa 10 Million Russia

[9] million Saudi, Arabia

Now it was the turn [of] [oil-producing]

Countries to feel the heat their citizens were used to cheap petrol and low prices

So when the price was raised they were angry

We want cheap petrol we want cheap petrol

Countries like India were very happy with lower oil prices and have saved crores and crores of Rupees

for the first time one [litre] of [a] fuel cost less than one litre of petrol and

[how] I can travel without worrying about the cost

Prices from other sources of Energy are falling solar energy

wind energy

Making sure oil prices cannot rise very fast

The price of oil keeps rising and falling, but it seems that oil will remain cheaper than it was before