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Huge Spikes in Oil Prices Are Often Followed by Recessions
No, our intention was not to talk about oil but, instead, we’ll start off talking about oil. Oil is a volatile commodity. Sure, there may be plenty of it, even if reserves are declining and it remains essential to the function of our economies, regardless of the move to a cleaner energy economy. Most likely its need will never go away. Fossil fuels, which include oil, coal, and natural gas still supply roughly 80% of the world’s energy needs. The world’s largest producer of oil is the U.S. The next three are Saudi Arabia, Russia, and Canada. Note: only Canada is not a BRICS country. The U.S. is also the ... (full story)