The petroleum industry has had a major impact on economic development, military conflict, and global politics. It began in the U.S. and Russia, with many small independent companies. Innovations such as the torsion balance, magnetometer, and seismograph revolutionized oil exploration. In 1938, the Mexican oil industry was nationalized, and government-owned monopolies have since dominated the industry. The Oil Code, established under the National Industrial Recovery Act, gave the U.S. power to set monthly quotas for each state. Oil played a significant role in the rise of American and Soviet power. By 1951, 80% of Europe's oil supply was from the Middle East, compared to mainly coming from the Western Hemisphere in 1946. The increase in oil prices in the 1970s was a significant cause of the long-term economic decline in the West. Every recession since WWII has been preceded by a spike in oil prices, and in the late 1980s, a decline in prices played a key role in the fall of the Soviet Union.
This is different from my usual book summaries. I used chatGPT to summarize the book into a paragraph. Just tryinging it out – probably won't do more of these super short AI summaries.