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The oil price crash of 2020: causes, consequences and historical context
Author(s) -
Sorkhabi Rasoul
Publication year - 2020
Publication title -
geology today
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.188
H-Index - 17
eISSN - 1365-2451
pISSN - 0266-6979
DOI - 10.1111/gto.12319
Subject(s) - context (archaeology) , crash , pandemic , covid-19 , depression (economics) , great depression , oil price , history , economics , development economics , economy , political science , keynesian economics , archaeology , medicine , monetary economics , disease , pathology , virology , outbreak , computer science , infectious disease (medical specialty) , programming language
In 2020, the coronavirus pandemic has overshadowed every affair of our society, and rightly so. Nevertheless, the world has also plunged into an economic crisis of enormous gravity on par with the Great Depression of the 1930s. The oil market crash is an alarming symptom of this weakened economy which hurts all people, whether affected by coronavirus or not. This article examines its causes, consequences and historical context.