The number of annual oil spills has dropped dramatically since the 1970s

While major oil spills result from accidental pipeline ruptures or damage to transportation vessels or rigs, as much as half the oil that reaches coastlines has naturally leaked from the seafloor.

Oil markets are seeing higher costs and lower prices amid tech breakthroughs

Experts say oil demand has not yet reached its peak. Recent technological breakthroughs in the oil industry include advances in drilling and extraction, as well as subsurface technologies.

Fracking has led to an increased global oil supply, contributing to lower oil prices

Fracking technology has significantly increased how much crude oil the US produces. As more countries adopt fracking technology, there could be an increased downward pressure on prices—although fracking has been widely criticized for its negative environmental impacts.

See a timeline that shows how volatile oil prices have been for decades, from OPEC-led embargoes in the 1970s and shale surges in the 2000s to the US flipping to become a net oil exporter in 2020.

Oil shocks, war, and the 1970s crisis that remade American energy and economics

The oil crises of the 1970s—fueled by Middle East conflict and OPEC's dominance—triggered inflation, price controls, and policy failure. But they also accelerated fracking, alternative energy, and the rise of free-market economics.

Unless prices of fossil fuels rise significantly, their production is expected to slow

US oil and natural gas production skyrocketed from 2000 to 2020, largely due to advances in fracking. However, weak global energy prices have prevented this boom from translating into increased profits for fossil fuel companies.

The 1969 Santa Barbara oil spill galvanized the modern environmental movement

In January 1969, an oil platform off the coast of Santa Barbara ruptured, releasing roughly 3 million gallons of crude into the Pacific. The spill killed over 10,000 seabirds, dolphins, and seals, coating 35 miles of coastline.

BP only makes up about 1% of global oil production after many missteps

BP’s market cap has never recovered from the dive it took following the 2010 Deep Water Horizon oil spill. This video details some of BP’s corporate missteps along the way.

The 1973 oil embargo by OPEC inspired advances in alternative energy technology

The shortages imposed by the Organization of Petroleum Exporting Countries (OPEC) created a global energy crisis and economic instability after the Arab-Israeli War. This led to investments in green technologies and improvements in automobile fuel efficiency and manufacturing.

How microbes limited the damage and helped clean up the Deepwater Horizon oil spill

A bloom estimated to contain about 100 sextillion microbial cells broke down much of the 4.1 million barrels of spilled crude oil into nontoxic compounds in what was one of the most significant bioremediations of a human-made disaster. The microbes involved acted similarly to the first patented genetically modified organism in US history: an oil-eating bacterium engineered in 1971.

The cleanup of oil and other chemical spills involves a combination of methods tailored to different settings, including vacuuming, dispersing absorbent materials, chemicals, or biological agents, and localized burning.

Iran's 1979 revolution sparked a second oil shock—and reconfigured global energy markets.

How disruptions in oil markets can drive up the price of everyday goods

Most types of plastic are made from polymers derived from chemicals produced by the processing and refining of crude oil and natural gas. Spikes in the cost of either fossil fuel raise the cost of wrappings, tubs, and other plastic containers for products.

Decommissioned oil rigs have been repurposed into artificial reefs that serve as nursery habitats for fish, corals, sponges, and other invertebrates in the decades since their installation.

OPEC's 1973 embargo sparked the first global energy shock.

The recorded history of crude oil use dates back about 5,000 years, with the Babylonians using it to waterproof their boats and as mortar in the construction of structures.

View a breakdown of worldwide oil production since 1900, mostly led by the US

When analyzing the production of crude oil, shale oil, oil sands, and condensates since the start of the 20th century, Saudi Arabia produced more crude oil only in 1977, from 1979 to 1981, and from 1991 to 2016. Nations such as Iraq and the United Arab Emirates produced much smaller quantities than both Saudi Arabia and the US.

The price of crude oil accounts for roughly half of the price displayed at the gas pump

Large oil companies knew about the impact of carbon emissions since the ’70s

PBS Frontline’s The Power of Big Oil reveals how industry giants like Exxon and Shell were researching climate change in the 1970s but then funded denial campaigns—using internal science to sow public doubt for decades.

Trace the rise of oil: from early drilling to today’s global power

This animated map video vividly illustrates how petroleum shaped global politics and industry—from 18th-century uses and 19th-century drilling booms in North America to today’s OPEC strategies, shale revolution, and geopolitical oil influence.

Oil prices spiked when Russia invaded Ukraine in 2022

The price of a barrel of Brent crude experienced volatility in the early 2020s. This chart shows price spikes at the beginning of the pandemic and again when Russia invaded Ukraine.

1970s U.S. energy crisis sparked waves of green innovation

Faced with the 1973 Arab oil embargo, the U.S. responded with bold innovation—enacting a 55 mph speed limit, pioneering daylight saving time, boosting solar research, expanding nuclear power, and pushing energy-efficient building designs and automotive technologies

OPEC often intervenes to influence the price of oil

This guide explains how investing in oil works with in-depth explanations of each of the forces that control oil’s price. Oil is unique as a commodity in part because of OPEC’s role in regulating its price.

Lessons from the 1973 energy crisis still echo in today’s geopolitical battles over oil

The video from the Economist highlights how energy supply disruptions can be weaponized—just as in 1973, today’s gas cutoffs (Russia throttling supplies to Europe after their invasion of Ukraine) reveal the ongoing importance of strategic energy resilience.

Explore a timeline of US dependence on crude oil from 1850 to 2023

Oil dependence began with the rise of oil as a commodity, followed by an era of geopolitical competition for the resource after World War II. The domestic fracking boom, which started around 2006, was driven by a desire to reduce the nation's dependence on international adversaries for energy.

The US shipped nearly 4 billion barrels of oil abroad in 2024

More than half of the US’s oil is exported as the country produces mainly light, sweet crude but has many refineries that handle heavy, sour types.

OPEC can roll out production cuts among its members to control oil’s global supply and price

The Organization of the Petroleum Exporting Countries (OPEC) was created to coordinate and unify petroleum policies to secure fair and stable prices. During the pandemic, for instance, the organization pushed through production cuts in an attempt to stabilize prices.

A report found that the 2026 Iran war is the largest oil supply disruption in history.

The fracking industry has created hundreds of thousands of jobs since 1949

The method of extracting fossil fuels from shale rock formations has saved Americans an estimated $23B annually in energy costs. Every year, fracking generates billions of gallons of wastewater and causes methane—a greenhouse gas that is over 25 times more potent than carbon dioxide—to leak into the atmosphere.

Why have gas prices surged nearly 27% since the Iran war began?

Oil passing through the Strait of Hormuz makes up only about 7% of US crude imports. However, crude oil prices account for 51% of the cost of a gallon of gas in the US. US refiners pay the Brent crude futures price, even for domestic drilling.

The 1967 war was the first use of oil as a geopolitical weapon

Following the June 1967 Arab–Israeli war, Saudi Arabia, Kuwait, Iraq, Libya, and Algeria embargoed oil shipments to the US, UK, and West Germany. While the move did not have a large impact, it reshaped global oil flows, and foreshadowed OAPEC's later actions.

The US exported more crude oil and petroleum products than it imported in 2025

In fact, the US has been exporting more oil and petroleum products than it imports since August 2021. Petroleum and petroleum product exports totaled about 10.7 million barrels per day, whereas imports totaled about 7.9 million barrels per day.

Methane leaks during natural gas processing reduce the gas's overall cleanliness

Natural gas is advertised as a cleaner fossil fuel because it emits 50% less carbon dioxide than oil and coal when burned. Supporting analysis only considers end-use combustion and excludes total emissions generated by extraction, shipping, and processing.

The environmental crises of the late 1960s led to the founding of the EPA

Disasters such as the Cuyahoga River fire and the Santa Barbara oil spill prompted Congress and President Nixon to establish the Environmental Protection Agency in December 1970, with the goal of unifying federal efforts to control pollution.

Federal subsidies have boosted US fracking profits

Between 2000 and 2020, the US government invested tens of billions of dollars to facilitate the extraction of shale oil and gas reserves. These subsidies helped make new projects viable and kept fossil fuel companies afloat while global energy prices and renewable energy startup costs have fallen.

The US stores hundreds of millions of oil barrels in caves along the Texas-Louisiana coast

The US has a Strategic Petroleum Reserve that it taps into, releasing barrels into the economy, during times of emergency (think: major storms and wars) to try to stabilize markets.

See where the 100 million barrels of crude oil the world consumes daily end up.

Hear Steve Ballmer explain how US gas prices are affected by the global price of oil.

At its 1850s peak, the American whaling fleet numbered more than 600 ships, an industry later replaced entirely by petroleum and coal gas.

Learn about unconventional ways to clean up crude oil, including using moss and chickens

Studies show that microorganisms in chicken manure can break down the hydrocarbons in crude oil without producing toxic by-products. Scientists have also explored avoiding the environmental risks of chemical dispersants and synthetic adsorbents by using human hair and peat moss to adsorb crude oil, which can be taken up by their cuticles and porous structures, respectively.

The winding journey from Standard Oil to the modern oil industry

Standard Oil’s impact on the business world can be clearly seen today in oil giants like Exxon and Chevron. But the journey from the Rockefellers’ trust to the modern firms was a windy road. After the Supreme Court ordered Standard Oil’s break up, the first step saw it separate into many state-based companies like Standard Oil of California and the Ohio Oil Company. Visualize it here.

Understanding why the US can't use its own crude oil and depends on global markets

Before advancements in fracking technology made lighter shale oil readily available, US refineries had been built and optimized for decades to process heavier oil from other countries with high profitability. Despite being able to refine lighter oil, US oil companies can operate with better margins by exporting it to other nations whose refineries are optimized for it and importing heavier oil, for which the US has the infrastructure.

After a tragic 3 decades, F1 created better safety measures

The first three decades of Formula 1 saw 41 drivers die in competition; since 1980, only 11 have perished. The reduction is due, in large part, to better safety measures. This article highlights every safety improvement made by year since F1 started, and describes the accidents or deaths that led to the rule changes.

View the 45 gallons of refined products created from each 42-gallon barrel of crude oil

More than 85% is refined into fuels, such as gasoline and diesel, while about 10% is converted into raw materials for plastics, synthetic rubbers, and other essential products, such as lubricants. Because the majority of these products are less dense than the starting crude oil and additional inputs are introduced during the refining process, there is a processing gain of three gallons.

Spare capacity is the amount of oil production that can be brought online within 30 days and sustained for at least 90 days

Specifically, a country’s “spare capacity” signifies the difference between its maximum sustainable oil production and its current output. OPEC member countries hold nearly all of the world’s spare oil production capacity. Historically speaking, Saudi Arabia has been the country with the largest spare capacity.

The number of publicly traded companies has decreased in recent years.

In 1996, more than 7,300 companies traded publicly on US stock markets, but that number has recently dropped to 4,300. Economists point to two reasons: First, going public requires full disclosure of operations, exposing it to scrutiny from investors, competitors, and analysts. Second, the IPO process is expensive and time-consuming.

Oil's legacy: fueling industrial growth and shaping imperial strategies

This episode of The Rest Is History podcast traces oil's pivotal role—from fueling industrial growth to steering imperial power. It also examines how access to oil shaped US politics, World War II, and sparked the creation of OPEC following the Suez Crisis.

Beyond oil, the Iran war has pushed up costs on fertilizer, prescriptions, and mortgages.

The story of the first commercial US oil well and why crude oil is measured in barrels

The 1859 oil discovery in Titusville, Pennsylvania, sparked a boom in oil exploration and production to meet the demand for kerosene lamp fuel. Because the 42-gallon barrel was a readily available container already in use for shipping fish, butter, wine, and other goods, it was adopted by the Petroleum Producers Association in 1872 and by both the US Geological Survey and the US Bureau of Mines in 1882.

In the 1970s, the US experienced a period of stagflation

It was characterized by high inflation, slow economic growth, and high unemployment. The crisis was triggered by a combination of factors, including loose monetary policy that spurred excess demand and spiraling oil prices caused by an OPEC embargo in 1973.