What is "energy crisis"

n. An economic problem caused by a dwindling supply of energy, at an increasing price

An energy crisis is any significant (bottleneck; logistics; or price rise) in the supply of energy resources to an economy. In popular literature, it often refers to one of the energy sources used at a certain time and place, in particular those that supply national electricity grids or those used as fuel in vehicles.

Industrial development and population growth have led to a surge in the global demand for energy in recent years. In the 00s, this new demand — together with Middle East tension, the falling value of the U.S. dollar, dwindling oil reserves, concerns over peak oil, and oil price speculation — triggered the 2000s energy crisis, which saw the price of oil reach an all-time high of $147.30 a barrel in 2008.