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In the past, wood and coal were used as the main sources of energy. Then,
these sources were replaced by gas and oil in most industries. However, in the
1970s energy sources became scarce and there was a rise in energy prices. Since
that time serious adjustments have been made by industrial economies in order
to cope with the energy scarcity.
For the last few decades the problems of energy economics have been
discussed by specialists and governments in many countries. Regular meetings
are held by the OPEC* formed in order to regulate oil prices.
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