Energy Crisis

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. 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. Historical crises {draw:a} 1970s Energy Crisis Cause: peaking of oil production in major industrial nations (Germany, U.S., Canada, etc.) and embargos from other producers 1973 oil crisis Cause: an OPEC oil export embargo by many of the major Arab oil-producing states, in response to western support of Israel during the Yom Kippur War 1979 oil crisis Cause: the Iranian revolution 1990 spike in the price of oil Cause: the Gulf War The 2000–2001 California electricity crisis Cause: failed deregulation, and business corruption. The UK fuel protest of 2000 - Cause: Raise in the price of crude oil combined with already relatively high taxation on road fuel in the UK. North