Section 48


The economics of energy has played an important in role in shaping not only only the energy systems of nations, but also entire economies and the well-being of people. Because energy is central to the production of every good and service, and because households purchase energy to provide services such as heat, lighting, and mobility, changes in the price of energy have important economic impacts. Control of the supply of energy has also generated enormous wealth and political power for individuals such as John D. Rockefeller, corporations such as Royal Dutch Shell, and nations such as Saudi Arabia.

Changes in the price of oil have far-reaching economic impacts. Most recessions since World War II have been preceded by an increase ...

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