Oil prices affect everything from global economics and stock markets to your wallet. Take our quiz to see how much you know about some of the biggest oil crises in the history of energy.
Edwin Drake found commercial success by drilling for oil in 1859 in Pennsylvania, making the state the first oil hot spot in the U.S.
Just a few years after oil drilling began in earnest, extremely high demand from buyers created the country's first oil shock in the 1860s.
A cholera epidemic in Russia meant increasing oil prices around the world starting in 1895.
The number of car registrations shot up from 0.1 per 1,000 residents in 1900 to 87 per 1,000 residents in 1920. This meant increased demand for oil, leading to higher prices.
The U.S. led the world in petroleum production until 1974, when the country's oil production levels were finally surpassed by the former Soviet Union.
After Iran's prime minister nationalized the country's oil production, countries around the world boycotted Iranian oil. This led to rationing and reduced use of planes and buses.
A battle over the Suez Canal blocked the transport of 1.5 million barrels of oil per day from 1956 to 1957, resulting in severe shortages.
Fighting around the Suez Canal and damage to pumping stations in Iran reduced total world oil output by 10 percent in the 1950s, resulting in shortages and higher prices.
The Organization of Petroleum Exporting Countries, or OPEC, was founded at the Baghdad Conference in September 1960.
OPEC consisted of just 5 countries — Iran, Iraq, Kuwait, Saudi Arabia and Venezuela — when it was founded in 1960.
Egypt and Syria launched the Yom Kippur War when they attacked Israel in October 1973. The war had far-reaching effects on world oil.
After the U.S. and Netherlands shipped supplies to Israel following the Yom Kippur War, OPEC instituted an oil embargo against the two nations.
The price of oil quadrupled from $3 to $12 per barrel in the first three months of the embargo.
Though OPEC only kept the embargo in place until March 1974, it had far-reaching effects on U.S. policies.
Both the 55 mph (89 kph) national speed limit and the implementation of fuel economy standards in the U.S. were directly inspired by the OPEC oil embargo of the 1970s.
As oil prices slid a whopping 25 percent from 1984 to 1985, Saudi Arabia slashed production by 75 percent in an attempt to keep prices from falling any further.
Iraq invaded Kuwait in August 1990, which not only led to a terrible war but also had a dramatic impact on oil markets around the world.
Iraq and Kuwait were responsible for around 9 percent of oil production when the war started, so the war caused a significant supply shock around the world.
The price of oil doubled in the first few months of the Gulf War. Fortunately, Saudi Arabia was able to boost production enough to stop this rapid price increase.
While there is one car for every 1.3 people in the U.S., there is one car for every 30 people in China. This means a potentially huge increase in the demand for oil as the middle class in China grows.
The U.S. uses 25 percent of all oil consumed in the world, and 60 percent of that oil is imported.
Extremely high increases in Chinese demand for oil led to record-high oil prices in 2008.
While China was a net exporter of oil until 1992, the country had net imports of 800,000 barrels per day by 1998.
China was importing 3.7 million barrels of oil per day in 2007, making it the world's third-largest oil importer at the time.
Oil hit an all-time high of $147 per barrel at its peak in July 2008 as demand from China exhausted world supplies and drove prices up.
U.S. drivers cut fuel consumption by 5 percent in 2008 in response to soaring gas prices.
Saudi Arabia produces around a third of all OPEC oil, which means the nation wields tremendous power to influence world oil supplies and prices.
Forty-nine percent of U.S. oil, or 4.6 million barrels per day, came from fracking rather than drilling in 2015.
OPEC members produce 55 percent of all oil in the world.
Many experts suggest that peak oil — the highest possible levels of production — will occur by 2050. After that, the cost of oil production will drive suppliers to more lucrative energy sources, and oil use and production will decline.