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Energy Economics

The subject of Energy Economics educates you regarding the allocation and utilization of energy in an economy. It emphasizes the theoretical and fact-based perspectives concerned with the individual or industrial demand for energy, energy supply, and markets. This article highlights different aspects of oil, natural gas, electricity, and nuclear power determining energy tax for controlled emission. After going through this, you will realize the significance of energy economics contributing to the sustainability of our environment.

What Is Energy Economics?

Energy economics is the discipline of economics dealing with the applications of energy resources contributing to our sustainability. The primary areas of concern of this subject include the supply and demand for both the role of public policy and environmental impacts. The discipline of energy economics possesses strong significance due to its extensive utilization as fuel and the agitation in its market. Among various aspects of energy economics, oil economics holds a strong significance. Other aspects of energy economics include the following issues:

Climate change and climate policy

Demand response

The elasticity of supply and demand in the energy market

Energy and economic growth

Energy derivatives

Therefore, the subject of energy economics addresses both the underlying market and policies influencing the market simultaneously.

In other words, energy economics differ widely in the aspects of both natural scientists and engineers varying in their supply management. It has been a subject of argument as the market forces are held responsible for any amendments in the stock of resources. So, these market forces follow a cheaper method of producing resources contributing to the sustainable development of the environment.

What Is the Future of Energy Economics?

For more than 200 years humanity has managed to survive in the industrial revolution. But, how did the species managed to survive before that? Fossil fuel has always been a significant source of energy supporting life on this planet. It is imperative to circulate the green message - use less energy all around the globe to increase awareness of energy. But, this message won't do any good until the endless consumption of resources is controlled for good. Thus, the future of this subject is glowing in bright colors as the demand for energy resources is never going to end. For instance, if the price of petroleum rises through the roof and the possibility of a scarcity of oil becomes the prime concern. A situation like this emphasizes the demand for energy resources giving considerable significance to the subject of energy economics.

Is Tidal Energy Economically Viable?

You cannot deny the fact that the sources of energy like hydrogen energy, hydroelectric energy, etc. are not easily affordable. This can be due to some of the expensive and delicate devices installed in the remote areas. Also, the complexity of these devices has contributed significantly to environmental disruption. Therefore, it created a requirement for a source of energy that could prove itself economic viable. It gave rise to tidal energy contributing effectively to the sustainability of our environment. You can understand this with the help of an example. Suppose, a tidal system support dams to allow the force of tidal current through a penstock supporting the aquatic life. It comprises of a wind turbine mounted at a depth of a tidal channel.

A device like this can produce torque harvesting it above the sea level on an anchored barrage resulting in energy production. Therefore, it is comparatively inexpensive to build and install a device producing tidal energy. Other factors contributing to the feasibility of this energy are given as follows:

Tides can be easily predicted and shed more debris possessing a negligible threat to wildlife.

It is an extremely reliable and renewable source of energy contributing to the sustainability of the environment.

A device producing tidal energy has a high energy density compared to other renewable sources of energy.

The energy produced is clean and does not contain any greenhouse gases or other toxic waste.

Tidal energy turbines have an efficiency of 80% making it more efficient than solar or wind energy turbines.

Barrages play an active role in tidal turbines minimizing the chances of high tidal waves on the surface.

Therefore, all the above factors play a significant role in making tidal energy more viable.

Is Energy the Next Economic Bubble?

In the continuously growing economy, the recession has played a significant role in declining the value of oil prices. This has led to a steep rise in the demand for fossil fuels contributing to a clean and sustainable environment. It is prevalent among the people of an economy that increased supply is the primary reason behind declining oil prices. Well, the truth is that oil prices experience a shortfall, not because of increased supply but, due to its overuse.

Therefore, the fact cannot be denied that the rate at which oil is being exhausted is too high leading to an increased supply. As oil is a non-renewable source of energy, there will be a point in the future when it will perish from our timeline. Thus, it is imperative for the sustainability of our environment to develop an alternate and more efficient sources of energy. It can be concluded that developing alternative sources of energy is the next economic bubble.

Price of Energy and Economic Growth - The Historical Relationship

The concept of price energy and economic growth has shared a vast historical relationship in the realm of economics. The continuously evolving subject is at the verge of examination of factors used to develop the relationship between the two. The critical factors involved in this are given as:

Switching between energy resources and other inputs within reach of current technology.

The continuous evolution of the technology concerning the increasing demands of civilization.

Shifting compositions of the energy inputs dedicated to generating effective results and changing the composition of economic output.

Moreover, many thoughts and theories are building a bridge between price energy and economic growth. It is imperative to choose between these theories considering the inherent credibility and consistency, crucially depending on empirical evidence. The study of the relationship between price energy and economic growth consists of a single argument, the potential mechanism, etc. Thus, most of these studies to identify the relationship between two follow the econometric notions testing the nature of their relation.

What Is Energy Security in Energy Economics?

Energy security is defined as the capability of businesses and government to tackle all the challenges in energy markets successfully. This subject is concerned with all the economic dimensions including energy security and other non-economic security concerns enhancing energy security.

Thus, energy security works as an association between national security and the consumption of available natural resources committee.

4 Tips to Enhance Energy Security in an Economy

Reduced consumption of resources rather than declining their imports.

Energy security is differentiated from energy externalities on the basis of certain considerations regarding the security of energy for the future.

It is crucial for energy security taxes to be more appealing considering political aspects rather than economic grounds.

Suggesting efficient research opportunities deciphering the unknown aspects of energy security and saving for the future.

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Energy Economics

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