Economy consists of natural resources or any supply for the people.energy crisis is as an important matter,
and having energy crisis is a problem for those affected.Oil crisis are arising recently.As population increases oil consumption goes up,local diesels starts to increase .Due to the ever-growing population ,resources starts becoming scarce. energy resources go beyond to peoples needs.Every person requires a specific source for their daily needs.
Effects of excess oil consumption
• waste of money and time
• transportation produces pollution at high levels
• diesel prices measures at a higher price than the normal rate
There are actual solutions for fuel shortages
• switch to renewable resources like electric powered vehicles, electric cars.
• substitute driving for public transportations such as a bicycle or own two feet
• high price for oil: it will cause people to switch between substitutes or just drop out from the market all together.
• there's a possibility for scientists coming out with recycle oil
• starting to grow alternative oil sources such as jatrosel fruits
In the short run would be to hike the prices which will have 2 effects:
a.) only people who really require fuel will continue to pay a premium to use fuel.
b.)people with elastic demand would drop out of the market and be forced to seek transportation substitutes such as public transportation and cycling
In the long run it would be more effective to invert into renewable resources of energy to reduce the
dependency on fuel. Alternatives such as bio-diesel,LPG powered, fully electric powered vehicles etc. Also the
government can improve public transportation to make the services better and cheaper while leaving higher
taxes on private consumption of fuel.
and having energy crisis is a problem for those affected.Oil crisis are arising recently.As population increases oil consumption goes up,local diesels starts to increase .Due to the ever-growing population ,resources starts becoming scarce. energy resources go beyond to peoples needs.Every person requires a specific source for their daily needs.
Effects of excess oil consumption
• waste of money and time
• transportation produces pollution at high levels
• diesel prices measures at a higher price than the normal rate
There are actual solutions for fuel shortages
• switch to renewable resources like electric powered vehicles, electric cars.
• substitute driving for public transportations such as a bicycle or own two feet
• high price for oil: it will cause people to switch between substitutes or just drop out from the market all together.
• there's a possibility for scientists coming out with recycle oil
• starting to grow alternative oil sources such as jatrosel fruits
In the short run would be to hike the prices which will have 2 effects:
a.) only people who really require fuel will continue to pay a premium to use fuel.
b.)people with elastic demand would drop out of the market and be forced to seek transportation substitutes such as public transportation and cycling
In the long run it would be more effective to invert into renewable resources of energy to reduce the
dependency on fuel. Alternatives such as bio-diesel,LPG powered, fully electric powered vehicles etc. Also the
government can improve public transportation to make the services better and cheaper while leaving higher
taxes on private consumption of fuel.
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