Energy Crisis - 2154 Words

An energy crisis is any great bottleneck) (or price rise) in the supply of energy resources to an economy. In popular literature though, it often refers to one of the energy sources used at a certain time and place. Causes Market failure is possible when monopoly manipulation of markets occurs. A crisis can develop due to industrial actions like union organized strikes and government embargoes. The cause may be over-consumption, aging infrastructure, choke point disruption or bottlenecks at oil refineries and port facilities that restrict fuel supply. An emergency may emerge during unusually cold winters due to increased consumption of energy. Pipeline failures and other accidents may cause minor interruptions to energy supplies.†¦show more content†¦It is therefore predicted that the UK may have regular blackouts like South Africa.[7] [edit] Social and economic effects Main article: Energy economics The macroeconomic implications of a supply shock-induced energy crisis are large, because energy is the resource used to exploit all other resources. When energy markets fail, an energy shortage develops. Electricity consumers may experience intentionally-engineered rolling blackouts which are released during periods of insufficient supply or unexpected power outages, regardless of the cause. Industrialized nations are dependent on oil, and efforts to restrict the supply of oil would have an adverse effect on the economies of oil producers. For the consumer, the price of natural gas, gasoline (petrol) and diesel for cars and other vehicles rises. An early response from stakeholders is the call for reports, investigations and commissions into the price of fuels. There are also movements towards the development of more sustainable urban infrastructure. {draw:a} {draw:a} In 2006, US survey respondents were willing to pay more for a plug-in hybrid car In the market, new technology and energy efficiency measures become desirable for consumers seeking to dec rease transport costs.[8] Examples include: In 1980 Briggs StrattonShow MoreRelatedEnergy Crisis in Pakistan4667 Words   |  19 PagesElectricity Crisis in Pakistan is one of the severe challenges the country is facing today. Electricity is essential part of our daily life and its outage has severely affected the economy and overall living of ours. Thousands have lost their jobs, businesses; our daily life has become miserable. Pakistan is currently facing upto 18 hours of electricity outage a day, is expected to face more if not dealt with in time. 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