•The first commercial oil well was drilled in Romania in 1857, since then oil has been playing a crucial role in the global economy. •High oil prices can slow economic growth, cause inflationary pressures and create global imbalances. •High oil prices and tight market conditions have also raised fears about oil scarcity and concerns about energy security in many oil- importing countries. •The supply-demand factor seems to be popular among the factors that outweigh the impact of Organization of Petroleum Exporting Countries (OPEC).
Tabor, Metasebia, "Oil Prices and the Impact of Rising Economies" (2014). Graduate Academic Symposium. Paper 1.