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Energy Economics

Edited By Abdulkadir Develi and Selahattin Kaynak

Energy resources, the basic input in every area of the economy, have a fundamental function for society’s welfare. Traditional energy resources are, however, rapidly decreasing. Energy supply has been falling behind in meeting global demand, and is causing increased focus on efficiency and economy concepts in recent energy policies. Since the existing energy resources are not spread evenly among the countries, but instead are concentrated in certain regions and countries, a monopolistic situation arises. Equally, supply assurance is an issue, since the energy supply is held by certain regions and countries who have monopolistic pricing power. Both the EU and many other countries are studying how to marketize energy. This book focuses on the importance of energy and the problems posed by it. It will be useful for the academic community, related sectors and decision makers.

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Current Condition of OPEC as the Main Energy Player, and Position of OPEC and Particularly Saudi Arabia in the Face of Increasing Global Energy Demand

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Müslüme Narin Introduction In the past 50-60 years, the world has witnessed considerable development and progress in fields such as standard of living, health, life expectancy and welfare. These achievements have contributed to the availability of abundant and cheap sources of energy, mainly in the form of crude oil from the Middle East. Ade- quate global energy supplies are essential to both individual countries and the world as a whole for sustainable development, proper functioning of the econ- omy, and human welfare. Thus, the availability of energy in the forms and quan- tities required by the economy and societies must be ensured and secured. Compared with today, energy was easily obtained until 1970. However after the restriction of oil production by OPEC in 1973, the world was hit by oil crises and began to face frequent rises in oil prices. This led to negative influences on the world economies, such as rising inflation, reduction of production, and short- age of commodities and services. 1. Increase in World Primary Energy Demand (Current Situation and Future) Population growth, expanding industrialization, and improving lifestyles, princi- pally in developing countries, are the main causes of the continuous increase in world energy demand. 1.1 World Population and World Gross Domestic Product Growth The world population reached 6.852 billion in 2010 and is increasing by 76 million per year. Between 1950 and 2010, the world population tripled. When looked at region by region, and in some countries, it can be seen that a large...

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