The conversation between human and AI assistant.
Why is oil so valuable?
How has the value of oil changed over time?
The value of oil has fluctuated over time. In the mid-20th century, the price of oil was relatively low due to an abundance of supply. However, in the 1970s, a series of events, including the oil embargo by OPEC, caused oil prices to skyrocket. Since then, oil prices have continued to vary due to changes in global supply and demand.