Energy in the '80s: to what extent can Malaysia hedge against future energy crunch?

Abstract

I am not sure what is expected of me on this occassion, but is seems to me that I cannot do better than give a few of my thoughts on the likely prospects for the energy industry in Malaysia over the decade particularly the oil industry and the enormous challenges, which we have to face. If you remember the keynotes of the '50s and '60s were growth and expansion. The survival of the advanced economies was dependent on the yearly increase in Gross National Product (GNP), producing more goods for people to consume and thus raising the standard of living. If you cogitate hard on this, you often wonder how long the process could possibly continue. Because it was all at possibly the expense of finite resources - minerals, forests, land etc. Until now, we have lived in a world where energy especially petroleum is abundant. Usually resources were plentiful and rationing or 'conservation' (except during wartime) unheard of. But time has changed. Although the term is relatively new but it is of great significance. This is because we can no longer ignore the rapidly depleting world energy resources. When this cannot be replaced or renewed, the world will face a severe energy crisis by the end of the decade. The crisis had to come. And in the last 2 decades of this century we are beginning to experience that the raw materials are beginning to run out. The first of our major raw materials to reach a crisis point was petroleum. And following this consciousness, I have chosen the theme of my paper "Energy in the '80s: To What Extent Can Malaysia Hedge Against Future Energy Crunch?"