Most Americans are addicts! Addicts to what you may have asked? They are not addicts to drugs or prescription medication; they are addicted to oil consumption. Our country has a huge dependency on foreign oil. In the US, most Americans consume a great deal of gasoline since our lives and economy runs on gas mostly. The problem now is that our nation can not produce the necessary demand of oil to satisfy our own oil consumption. The only solution is to import oil from other countries at very high prices. Since this has occurred we created the “energy crisis”. According to the Wikipedia Encyclopedia, “an energy crisis is any bottleneck or price rise in the supply of energy resources to an economy.” It usually refers to the shortage of oil and additionally to electricity or other natural resources. As we can see, we have all the signs to admit that we are having an energy crisis. We have a shortage in petroleum production, a high demand for it, and what about the prices of gasoline, we pay almost $5.00 a gallon in some states. There are many consequences to this issue .Some are social as well as economic .For instance, in today’s economy we can certainly appreciate the declining of economic, rising unemployment, and the increase in the inflation rate to name a few.
With respect to, the declining economic growth, it is obvious that many businesses’ owners are forced to close or sell their business. Most of our industry runs on some type of fuel, like gasoil or electricity. Do to the increases in fuel and electricity, these companies can not keep producing and paying their employees’ salaries, when they are no selling their products. In some cases they are forced to make cut in their personnel. A good example is Northwest Airlines. According to the New York Times “the airline is going to cut 2,500 jobs because of the high oil prices and they will be charging $15.00 extra to check a single piece of luggage."(Maynar,... [continues]
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(2009, 02). Energy Crisis. StudyMode.com. Retrieved 02, 2009, from http://www.studymode.com/essays/Energy-Crisis-193549.html
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"Energy Crisis." StudyMode.com. 02, 2009. Accessed 02, 2009. http://www.studymode.com/essays/Energy-Crisis-193549.html.