What are the effects of some energy crisis?

Answer 1

The macroeconomic implications of a supply shock-induced energy crisis are large, because energy is the resource used to exploit all other resources. When energy markets fail, an energy shortage develops. Electricity consumers may experience intentionally-engineered rolling blackouts which are released during periods of insufficient supply or unexpected power outages, regardless of the cause. Industrialized nations are dependent on oil, and efforts to restrict the supply of oil would have an adverse effect on the economies of oil producers. For the consumer, the price of natural gas, gasoline (petrol) and diesel for cars and other vehicles rises. An early response from stakeholders is the call for reports, investigations and commissions into the price of fuels. There are also movements towards the development of more sustainable urban infrastructure. In 2006, US survey respondents were willing to pay more for a plug-in hybrid car In the market, new technology and energy efficiency measures become desirable for consumers seeking to decrease transport costs.[ Other responses include the development of non-conventional oil sources such as synthetic fuel from places like the Athabasca Oil Sands, more renewable energy commercialization and use of alternative propulsion. There may be a Relocation trend towards local foods and possibly microgeneration, solar thermal collectors and other green energy sources. Tourism trends change and ownership of gas-guzzlers vary, both because of increases to fuel costs which are passed on to customers. Items which were not so popular gain favour, such as nuclear power plants and the blanket sleeper, a garment to keep children warm. Building construction techniques change to reduce heating costs, potentially through increased insulation.