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Oil is a divine word that frequently brings news. Nations that do not hunt for this essential natural resource are scarce. Since it is a leading international product, oil and its prices play a significant role in global economic activities and shape universal economic performance. Oil shocks are of immense concern to most nations due to the unexpected prices proven to decline international output.This book endeavors to shed light on the meaning of crude oil/petroleum and its price volatility, the determinants of its prices, the causes and implications of its price shocks, and introduces its reader to historical oil price shocks.