Energy crisis and it's effects.
Answers
An energy crisis is any significant bottleneck in the supply of energy resources to an economy. In literature, it often refers to one of the energy sources used at a certain time and place, in particular those that supply national electricity grids or those used as fuel in vehicles.
Large fluctuations and manipulations in future derivatives can have a substantial impact on price. Large investment banks control 80% of oil derivatives as of May 2012, compared to 30% only a decade ago.[1] This increase contributed to an improvement of global energy output from 117 687 TWh in 2000 to 143 851TWh in 2008.[2] Limitations on free trade for derivatives could reverse this trend of growth in energy production. Kuwaiti Oil Minister Hani Hussein stated that "Under the supply and demand theory, oil prices today are not justified," in an interview with Upstream.[3]
Pipeline failures and other accidents may cause minor interruptions to energy supplies. A crisis could possibly emerge after infrastructure damage from severe weather. Attacks by terrorists or militia on important infrastructure are a possible problem for energy consumers, with a successful strike on a Middle East facility potentially causing global shortages. Political events, for example, when governments change due to regime change, monarchy collapse, military occupation, and coup may disrupt oil and gas production and create shortages. Fuel shortage can also be due to the excess and useless use of the fuels.
Energy Crisis is a concern that is causing depletion of natural resources due to increasing demand to power today's industry.
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These natural resources are in limited supply and take a very long time to replenish.
The crisis is also leading to increase in global warming, depletion of the ozone layer, increased pollution, reduced tree cover, reduction in the ice at the poles & increase in ocean levels.
The weather has also become un-predictable to the rapid development and reduction of tree cover.
Causes that are leading to an energy crisis are:
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●Over-dependence on conventional sources of energy
●Inefficiencies in energy transmission & distribution
●Inability to store energy effectively
●Modernization leading to higher energy requirements
●Limited use of renewable sources for energy generation
●Growth in population
●Environmental pollution resulting in calamities and damage
●Wars & political unrest
●Turning a blind eye to energy conservation and green initiatives
●Industrial actions
●Overexploitation
●Mismanagement of resources
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