1973: OPEC decided that the exporters increase the price of oil significantly
- It is called „oil price explosion” (olajár-robbanás) and the economical crisis that evolved due to this is called „oil crisis” (olajválság).
- As the price of oil increased it brought about general increasing of the price of energy
- The production of all goods needs energy, consequently the increase of oil’s price led to a general increase of prices
- bankruptcy (csőd) of companies
- unemployment
- inflation
- decrease of economical increase (this is called recession)
(=gazdasági növekedés csökkenése, amit recessziónak nevezünk)
The crisis was exacerbated by that the world economy at that time was in a period when the demands of the consumers’ market determined the production (not conversely) and the consumers were interested in unique products, not in goods producted en masse (tömegesen).
Companies had to change, had to research the demands of the consumers, evolve (kifejleszt) the product, organize its production and put it on the market as fast as possible
It made production expensive, because the budget of raw-material and energy increased
They had to find solution in order to remain able to compete
They turned towards renewable energy resources, because they are cheaper and by the usage of these resources, producers depended less on the fluctuation of the prices of oil than before
Renewable energy resources:
1.) hydroelectric power: power of rivers
dams (e.g. Norway and Scandinavia) & reservoirs (e.g. China)
2.) solar energy:
- comes from the sun used by solar collectors provides small amount of energy private houses use this kind of resource
- uneven energy resource
3.) wind energy:
- uneven
- can be used along seacoasts and at places where there is constant wind
(e.g. seacoasts, plains, high mountains)
4.) geothermal energy: steam
5.) waves tides tidal energy (waves and tides are the biggest at the bay of Fundy /60m/)
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