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Sounds like The Great War. Surely there can’t be another war this bad, especially a much worse war, right? Then there’s World War III, if it starts, better be when I’m asleep.
I find it incredible how an entire generation lived through the 70s oil crisis and then doubled down on car dependent infrastructure for the next 50 years
I think it would be interesting to see a video on the countries of the modern world if you had to have 8 gps like Victoria II. Various factors could go towards that, and after the US, Russia, China, it would be interesting to see how the other places would play out.
Nah, the world right now is still extremely clearly unipolar and hegemonic, and while admittedly now it is less than it was in the 90s, it's still not as volatile as the world order in eu4-vic2 times, where there were tons of world powers fighting each other (but even then it was more asymmetrical that you probably think, and countries like Spain, the ottomans, France, Germany and England were at points treated the same way they united states are now.
Interesting concept. Like you said, top 3 would obviously be US, China and Russia but I think the other 5 could be India, Japan, France, UK and Germany. As for secondary powers, I think Brazil, Mexico, Israel, Canada, Australia, South Korea, Indonesia and Turkey are decent options.
@@aldomartinez19 Suadi Arbia and Iran are also arguably secondary powers in their both religious and economic power dictating the middle east and the Islamic world.
@@bulletghost3452 True, although I'd say Iran is the more powerful/influential country out of those two and Turkey also somewhat fulfills that role tbh.
Recent oil prices are partly a result of electrification. Normally, when prices rise like this, someone will produce/sell more to undercut the rest and make a huge chunk of change. However, oil producers see the writing on the wall and therefore have little incentive to undercut. They want prices to be high because it's more about getting the maximum price per unit, not gross profits. That being said, someone is going to start undercutting eventually; probably when a company's yearly earnings is a couple of months away so that their stock price can go vroom -- much to the ire of everybody else. It's kinda like a going out of business sale, but there's no need to liquidate inventory because we're talking about a very gradual decline in sales that will take decades -- and even then, there will always be some kind of market for petroleum (plastics, old tech, jet/rocket fuel).
Auto, oil, and construction should all collectively push heavy into emerging markets. Electrification is slowly pushing them out of developed economies, but there are so many developing nations that would benefit from fossil fuels investing heavily, Construction companies building roads, auto manufacturing factories. Non of this is very environmentally friendly, but it will eventually happen once western markets become unavailable.
Green energy is one factor that plays into it But in the short term a more significant factor is that after the instability caused by the Covid crash and Russian invasion of Ukraine, it’s simply less risky and more profitable for oil companies to decrease reinvestment and raise the price. Reinvesting in the companies to bring production “back to normal” is too risky at least from a financial perspective.
That and death of a moderate SDC Chancellor and replacement by a staunch monarchist, communist party adamant refusal to form a coalition with centrist and center left parties, and Great Depression.
Dude, no. It's the couplet of the end of Bretton Woods (which you mention) and the rise of petrodollars in 1974 (thanks William Simon!). That's exactly the reason - the volatility of the dollar and its peg to oil.
I'd say the 2014 dip is more from the shale revolution in 2013, which more than doubled United States oil production since then, since as you said the middle east had already started to fall off of the oil producing pedestal. Great video though!
Few important things to mention: The graph is very important in relation to Russia. Russia is dependent on selling oil and natural gas, especially to Europe. Those are the keys to the existence of the regime of Putin. Whenever oil prices were high, Russia invaded its neighbors. Russia invaded Georgia in 2008 when oil prices were high. In 2014, they annexed Crimea because oil prices were high and there are natural gas reserves off the coast. And since oil prices were high, plus it was the 100th anniversary of the Soviet Union’s founding, Putin decided to invade Ukraine last Feb 2022, with the approval of Xi Jinping. It’s not going so well for him now. Iran before 1979 was a puppet state of the USA under the Shah who had his SAVAK secret police that was helped by the CIA to torture and execute people who spoke out against the regime. The Shah was reinstated after the CIA orchestrated a coup of the democratically elected prime minister, probably because the PM was a bit too on the left (US code word for “communist”). Under the Shah, society was very Westernized with women having more rights such as not being forced to wear a hijab. It was brutal, but it was still much better than the fundamentalist regime that took over after the Iranian Revolution. It’s kind of (really) America’s fault for manifesting Iran as an enemy. Throughout the 20th century, America installed right-wing dictators in Latin America with the excuse of “communism” (of course with the help of the CIA). This was mostly to secure American business interests like for the United Fruit Company, who basically ruled Central America under “banana republics” to export bananas to the US. Whenever the people living there wanted actual rights, the corporation asked the US government to send in the military. Because of brutal dictators and corporations that were basically their own city-states, Latin America still has not recovered. And to make things even worse, America sent gangs back to their homeland where the governments are unable to contain them. Gangs have become much more powerful and the cartels have emerged. All of these factors mean that America created the border crisis that most conservatives/Republicans in America complain about. Cuba became communist because Castro overthrew US-backed dictator Fulgencio Batista. Idk much about Venezuela, but there’s likely dictators related to US and against it, plus they have oil, which relates to the graph somehow.
@@northernmostrat I don't know the details, but I mainly mean America sending prisoners who are in gangs back to their homelands where the governments and the prisons there can't handle them due to corruption or weakness. In the jungles or slums of Central America, gangs can regroup and grow in power. Deportation can also contribute. By all means, feel free to fact-check this because this information specifically only comes from an Al-Jazeera+ video I watched.
whenever we’re blessed enough to get hoser merch, you HAVE to make your cute animal flags as pins. please and thank you. keep up the good work ! your videos are amazing !
Pre 70's the world population was also not 9 billion faces. To give this chart context you've got to overlay global supply and global demand because oil prices are relative and this graph lacks context!
I think the other part you missed was that all this price instability happened almost immediately after the elimination of the gold standard, thus the price of oil was no longer gold backed currency versus oil, it is now fiat paper versus oil.
"The world was pretty unstable during the time of Iraq but you gotta admit if they had some cool vehicles there" "What if I told you we could invade it"
Hey Indonesian here and I think west Papua should gain independence because the borders within the country doesn't make any sense But, Im afraid Australia might exploit west Papua like they did in Timor leste
@@SuryaGD australia is already exploiting the region, so what would the difference be in that case. I guess that if they wanted "total" independence, they could maybe ask china I guess. China would LOVE more natural resources to consume.
We're on the precipice of electric cars going mainstream. Will this mean that the price of lithium, which is used in car batteries, could have ramifications around the world?
@@nathanseper8738 I’d say there is a decent chance but Chile is already pretty pro US and I don’t really think the US will risk turning Chile into a new Iraq, Bolivia on the other hand will almost certainly have something something happen to them maybe Peru too
how did he skip over 2019?? the price of oil is basically the same as it was at the start of the graph and thats when the USA became energy independent which i think is a big deal and shouldnt be glossed over. ofc now it isnt because the pipeline to Alaska was shut off and oil reserves on US soil are being sold to China which are really dumb ideas
