Abstract:
The oil shocks of 1970s led to spiraling crude oil prices in the world market which prompted planners to view energy security as an issue of national strategic importance. Energy security has an important bearing on achieving national economic development goals and improving the quality of life of the people. World’s dependence on crude oil will continue for most part of the 21st century but the continued dependence on crude oil is loaded against it with inherent price volatility linked to finite global reserves. In addition, global warming, caused largely by greenhouse gas emissions from fossil fuel energy generating systems, is also a major concern. So, there is a need to develop alternate fuels like non-conventional sources, considering the aforesaid two concerns.
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