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Handbook of Energy and Environment Policy

Edited By Celil Aydin and Burak Darici

The book deals with the broad perspectives on the energy and environment topics and questions the traditional view on energy and environment policy and issues. Nowadays, energy and environmental issues can be accepted as the related subjects by the whole world. The link between energy and environment is backed to the time when only nature's primary resources were used. Primitive societies’ energy demand was small compared to the forces of the environment. With the emergence of industrial nations, the importance of energy and environment relation appeared again.

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6 Oil and Oil Market as Energy Source1


Haşim Bağcı

6   Oil and Oil Market as Energy Source1


There are many definitions of the concept of energy in the literature. The word “energy” comes from the Greek word energeia. In this word, en means “in, within” and ergon means “work”. Thus, energy means “the work within”. In the literature, energy shows the ability of an object or system to perform an action. Also, since energy is a motion-generating power, it is a physical quantity which can be transformed into other types of energy and into work (Aruoba and Alpar, 1992: 89; Kaltschmitt, Streicher and Wiese, 2007: 2). Energy is also defined as the power behind everything that changes and is changed, exists in any matter, and emerges like heat, light, and so on (Aydın, 2010: 318; Stern, 2004: 37). The most commonly used definition of energy is the ability to generate heat or work, and the amount of energy consumed to accomplish this task is called energy consumption. Energy is also important for the economy as it can be measured (Bhattacharyya, 2011: 9; Bahar, 2005: 35; Dhungel, 2008: 137). From an economic and industrial point of view, energy for demand is the consumption tool that the consumer buys to maximize the benefits it provides, while energy for industry refers to production (Chontanawat, Hunt and Pierse, 2006: 1; Çolak, Bayındır and Demirtaş, 2008: 36). If we interpret the concept of energy, it refers to the physical power...

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