Energy Crisis Incentivizes EE
- Oct 25, 2021 5:10 pm GMT
The 1973 and 1979 energy crises fundamentally changed the way our global society managed and consumed energy. Intent on avoiding future energy shortage induced recessions, countries set up strategic petroleum reserves. The government and private firms alike began to research alternative energy sources in earnest. Eventually, ethanol became subsidized. American car manufacturers, who’d long seemed to be in a race to produce the biggest and least efficient land yachts, finally started downsizing. Japanese automakers, who were already experienced in making economy cars, boomed in popularity.
How will this current energy crisis change our world? We’re already seeing evidence that it’s renewed interest in nuclear energy, especially in Western Europe. Rising gas prices have also boosted consumer interest in electric cars.
It also seems likely that the crisis will push many energy customers to cut back on their consumption. This is self explanatory. What’s really interesting is that this incentive is coming into play just as the government seems set to offer big stimulus money for energy efficiency measures. Could these two developments propel big conservation adoption and development? We’ll soon find out.
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