Effects
There is debate over what the effects of the 2000s energy crisis will be over the long term. Some speculate that an oil-price spike could create a recession comparable to those that followed the 1973 and 1979 energy crises or a potentially worse situation such as a global oil crash. Increased petroleum prices are however reflected in a vast number of products derived from petroleum, as well as those transported using petroleum fuels.
Political scientist George Friedman has postulated that if high prices for oil and food persist, they will define the fourth distinct geopolitical regime since the end of World War II, the previous three being the Cold War, the 1989–2001 period in which economic globalization was primary, and the post-9/11 "war on terror".
In addition to high oil prices, from year 2000 volatility in the price of oil has increased notably and this volatility has been suggested to be a factor in the ongoing financial crisis which began in 2008.
Read more about this topic: 2000s Energy Crisis
Famous quotes containing the word effects:
“Oh that my Pow’r to Saving were confin’d:
Why am I forc’d, like Heav’n, against my mind,
To make Examples of another Kind?
Must I at length the Sword of Justice draw?
Oh curst Effects of necessary Law!
How ill my Fear they by my Mercy scan,
Beware the Fury of a Patient Man.”
—John Dryden (1631–1700)
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For effects that bring down the house could happen to all
But the best and the worst of us . . .”
—W.H. (Wystan Hugh)
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—Leo Tolstoy (1828–1910)