Main energy producers (i.e. Russia, Middle East, Caspian Sea and Africa) use a small percentage of their energy resources. This wide disparity between production and consumption has made energy products the world’s biggest traded products. Just about every country in the world exports or imports a noteworthy volume of its energy products.This means a wide variety of energy prices play a key role in the stability of payments universally. Currently, energy security is globally undermined by heavy over-reliance on non-renewable energy sources coupled with the uneven distribution of global energy deposits. However, this sense of susceptibility is not a novel phenomenon. Regardless of the available vast energy resources and a flattering economic and political environment, industrialized nations began expressing their distress over energy security as early as the beginning of the twentieth century. Winston Churchill decided that the Royal Navy needed to shift from coal to oil in order to maintain its global security dominance, and this demonstrated a growing passion in the global contest for energy resources (primarily oil). The scramble for energy resources between global powers was evident in World War II, when the allies enjoyed access to large oil deposits, while Japan’s and Germany’s strategies to access oil failed and led to their eventual trounce. Subsequently, the accessibility of inexpensive energy resources played a critical role in the development and rebuilding of Europe and Japan following World War II. There was a lengthened era of assurance in the availability of secure and copious energy resources until the 1973 Arab-Israeli war. Arab oil-producing countries cut their production and placed an oil embargo on the United States and its allies, to force a shift of their political support to Israel. The use of oil by oil producers to achieve political mileage crushed the consumer’s sense of energy security.

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