1945

Energy: Past developments and emerging trends

I ssues of production, trade and prices of energy retain their significant importance in the world economy. Changes in prices of energy are anxiously watched as a barometer of inflation and involve, even when they are modest, large international transfers of real income between suppliers and importers of energy. Large price changes generate shock waves throughout the international economy. The use of energy and its mix are closely linked to many issues of the environment, while constraints in energy supply limit growth and development possibilities in many countries and critically influence the choice of energy modes and the pattern of investment. The present chapter briefly examines recent changes in selected aspects of the world energy situation, placing some of these changes in longer-term perspectives.

Related Subject(s): Economic and Social Development
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