The economics of energy 1

The article is Part 1 of a two-part article. Excluding environmental considerations, the article first discusses 'why energy (oil in particular) matters' at both local and global levels. Under the heading 'side issues', the nature of energy demand is discussed and the units used to quantify energy are defined. A brief history of the development of the various means of generating energy is given. A table shows data for world energy consumption 1925-1992 for oil, gas, coal, hydro, and nuclear. The claims made for the benefits from conservation are said to be controversial and often unjustified; reasons for these views are given. Modelling of energy supply and demand, and forecasting future requirements, are discussed