Terrorist acts can cause ripple effects through the economy that have negative impacts. The most obvious is the direct economic destruction of property and lives. Terrorism indirectly affects the economy by creating market uncertainty, xenophobia, loss of tourism, and increased insurance claims.

Oil production and economic development both declined after the start of the Iraq War, and the economy faced serious problems, including the negative impact of continuing violence; a high rate of inflation; an oil sector hampered by a shortage of replacement parts, antiquated production methods, and outdated technology …

World War II was financed through debt and higher taxes, by the end of the war, U.S. gross debt was over 120% of GDP and tax revenue increased more than three times to over 20% of GDP. Although GDP growth skyrocketed to over 17% in 1942, both consumption and investment experienced a substantial contraction.

mixed economic system

World Oil Reserves The world has proven reserves equivalent to 46.6 times its annual consumption levels. This means it has about 47 years of oil left (at current consumption levels and excluding unproven reserves).

The best crude oil in the world is found in Malaysia. “Tapis, the Malaysian crude benchmark traded in Singapore, has for a long time held the title of the world’s most expensive grade.

Petroleum imports from Canada increased significantly since the 1990s, and Canada is now the largest single source of U.S. total petroleum and crude oil imports. In 2020, Canada was the source of 52% of U.S. total gross petroleum imports and 61% of gross crude oil imports.

Saudi Arabia

Production of Olive Oil

TOP 10 EVOO 2020

Spain’s production has been estimated at more than 600,000 tonnes, making it the top world producer. Spain and Italy together represent 70% of the world’s olive oil output but both countries have suffered relatively poor harvests recently because of weather conditions and olive fly infestations.

China