Political background and impact of oil price crisis

The topic of this paper is to examine the basic relationship between oil price developments and economic crises. The research will be conducted on the basis of three significant past events which had deep economic impact: the OPEC oil embargo (also known as the “first oil price shock”), the Islamic revolution in Iran (“second oil price shock”) and the oil price developments before and after the Gulf War of 1991.Several central questions will be addressed in this research paper: How were the three crises characterized? What were the economic repercussions? Do the results matter for future developments?