Oil Dependency and Economic Vulnerability

Oil has been the lifeblood of industrialized economies for over a century, shaping the trajectory of global development, technological advancement, and geopolitical power. Its centrality stems not merely from its role as an energy source but also from its deep entwinement with modern economic structures, trade systems, and international security considerations. From fueling industrial machinery and transportation networks to serving as a raw material for petrochemical industries, oil has become indispensable in sustaining the complex dynamics of contemporary societies.