News In Brief

Chart: Global oil supply disruptions through history

Jaclyn Giovis Mar 2, 2011

Oil is up to $100 a barrel. Gas prices are well above $3 a gallon. And we’re paying a premium because of our dependency on foreign oil. We should know that. History has proven that when major conflict occurs in the Middle East, the global oil supply chain is thrown out of whack. Suddenly, the fear of not being able to meet demand drives prices up, up, up.

The chart below drills into the history of global oil supply disruptions, and shows that the crisis in Libya ranks as the eighth worst supply shock of all time.

Source (graphic): Clusterstock Chart of the Day,

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.