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An outline microfaunal zonal scheme based on both foraminifera and ostracoda was compiled by M. OWID presents work from many different people and organizations.
The visualisation shows the global consumption of fossil fuels – coal, oil and gas – from 1800 onwards.
Overall, we see that global consumption of fossil energy has increased more than 1300-fold.
Overall, we see that the sharp changes in oil price coincide with large sociopolitical events – for example, the OPEC oil embargo of 1973 led to a sharp rise in prices; the Iranian Revolution of 1979 and the 2008 financial crisis to a sharp decline; and a continued fall in prices since 2011, when US output of shale oil has been consistently growing.
The terms ‘reserves’ and ‘reserves’ are often used interchangeably.
Oil demand – or alternatively, consumption – is one of the key determinants of oil prices.