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Is There a Global Energy Crisis?
Money For the Rest of Us
Are We Having a Global Energy Crisis?
The energy crisis in the us was due to not enough supply and very high oil intensity. In he 19 seventies, the world used just under one barrel of oil to produce a thousand dollars worth of output. By 20 19, the world using point four three barrels of oil, a thousand dollars of global g d p. That's a 56 % decline. Oil became less important. Our efficiency in using oil increased. But we don't want to confuse short term price trends in the energy as with the long term trend to renewable energies. Any transition will be bumpy, as we're seeing right now. There will be price spikes, particularly when you shut down the global economy due to a
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