A global oil crisis happens when oil supply suddenly drops or prices spike sharply. Because oil powers transportation, manufacturing, and shipping, the shock quickly spreads through the entire global supply chain. 1. Oil Is the Backbone of Transportation Most goods move using oil-based fuels: \t•\tCargo ships use bunker fuel \t•\tTrucks and trains use diesel \t•\tAir freight uses jet fuel When oil prices rise, transportation costs surge, making it more expensive to move products worldwide. ⸻ 2.
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