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Video: Why Does Oil Matter So Much to the Global Economy?

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Video: Why Does Oil Matter So Much to the Global Economy?


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The war in the Middle East has sent oil and gas prices soaring. Our energy reporter Rebecca F. Elliott breaks down how much the world continues to depend on reliable sources of oil.

By Rebecca F. Elliott, Sutton Raphael, Joey Sendaydiego, James Surdam and Nikolay Nikolov

March 12, 2026



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