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,

There’s a lot happening in the world.  Through it all, Marketplace is here for you. 

You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible. 

Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.