Foreword
Foreward
Author(s): Rajendra K Pachauri
Source: Multiple Choice Questions on Energy: 338p Authored By Arun K Tripathi
Abstract:
Energy issues came to the fore as a part of public policy almost 40 years ago when oil prices quadrupled almost instantaneously in the wake of the oil embargo imposed by certain members of the Organization of the Petroleum Exporting Countries (OPEC) on supply of oil to specific countries. Prior to that, the price of oil globally had remained relatively low and, at the same time, electricity prices also generally continued to decline as a result of economies of scale and larger and more efficient power plants for generating electricity. In the 1970s and 1980s, however, energy which had been taken for granted as a factor of production in all goods and services was seen as a commodity likely to grow increasingly scarce. It would, therefore, need to be used more efficiently while the world also pursued the possibility of substitutes to fossil fuels. For a variety of reasons, oil prices crashed in 1985 and remained relatively low till just a few years ago.
Publisher/Organisation: TERI Press
Publication Date: 1 January 2007