Since the industrial revolution, energy consumption and production has played a central role in economic development as it has set a path for many countries to move from a predominantly agrarian economy into a modern developed country. Petroleum has been a fundamental source of energy for more than a century, making it a highly sought-after commodity. The importance of oil and gas continued to increase with a more globalised world economy and an increasingly over-efficient supply chain, transforming many countries into regional and global economic powers. The finite nature of oil and gas has sparked debate regarding the potential consequence to a highly dependent world economy in case of a decrease in production. The US shale revolution reshaped the global energy structure as the US becoming a major global oil exporter which took off from 2014.
Chart of the month: US crude oil
The Analyst
