Abstract
The discovery and exploitation of oil and gas significantly transformed the global economy and social welfare landscape. Oil, in particular, became the lifeblood of industrialization, fueling the growth of numerous sectors, including transportation, manufacturing, and electricity generation. The economic boom experienced by oil-rich countries, particularly in the Middle East, Latin America, and Africa, facilitated unprecedented infrastructural development, improved living standards, and enabled the creation of welfare states. The proliferation of oil also played a pivotal role in shaping international relations, with countries vying for control over oil-rich regions, thus redefining geopolitical dynamics. The post-World War II era marked a period of rapid economic expansion and modernization, heavily underpinned by the steady flow of affordable energy from oil.
