Categories
Physics

Energy Crises

Meaning of Energy Crisis

An energy crisis is any great bottleneck (or price rise) in the supply of energy resources to an economy. It often refers to one of the energy sources used at a certain time and place, particularly those that supply national electricity grids or serve as fuel for vehicles.

There has been an enormous increase in the global demand for energy in recent years as a result of industrial development and population growth. Since the early 2000s the demand for energy, especially from liquid fuels, and limits on the rate of fuel production has created such a bottleneck leading to the current energy crisis.

Causes of Energy Crises

  1. Market failure is possible when monopoly manipulation of markets occurs.
  2. Large fluctuations and manipulations in future derivatives can have a substantial impact on price.
  3. Pipeline failures and other accidents may cause minor interruptions to energy supplies

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