with respect to supply; resultantly crisis for energy has emerged. Most of the American produced oil comes form old wells, where the output declines over the years. Energy consumption is also influenced by population in long-run (Islam, Shahbaz, Ahmed, Alam, 2013). While consistently there is a strong relationship for the sample countries between energy consumption and economic growth (Farhani Rejeb, 2012). Imagine todays world, without any electricity, then our live would be miserable because almost of the invention need electricity. Historical Crises * 1970s Energy Crisis Cause: peaking of oil production in major industrial nations (Germany,.S., Canada, etc.) and embargos from other producers * 1973 oil crisis Cause: an opec oil export embargo by many of the major Arab oil-producing states, in response. At the same time the South African President was appeasing fears of a prolonged electricity crisis in South Africa.
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Effect of the Energy Crisis on Pakistans Economy Internet. From Developed Countries Perspective: Article 12: Granger causality test and co-integration analysis shows that energy consumption is strongly linked with economic activities as well as economic growth. Where the globalization has changed the world entirely, it emerged many issues but energy received significant attention from researchers. As the situation stands today we are not producing enough while our consumption is increasing every week. Moreover electricity theft and transmission losses due to outdated infrastructure have worsened the situation. Article 20: Studying the relationship between electricity consumption and economic growth for Tunisia during, bivariate vector auto-regression structure show existence of unidirectional causality is found from electricity consumption to economic growth (Chouaibi Abdasalem, 2009). Article 34: Analysis through multiple linear regression analysis of independent variables; electricity use and interest rate, shows that there is negative relationship between output of textile industry and energy use, and also out of textile industry and interest rate. Article 22: The analysis shows that real GDP is significantly impacted by the present as well as past changes in the supply of electricity.
Energy crisis is defined as price rise of the energy resources or a great shortfall in the supply of the resources of energy.
Usually it is referred.
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