After the first oil-price shock of 1973, a search for new
energy policies was started all over the world. Changing one fundamental
concept - that relating to the general development of energy supply and
consumption - was, however, out of the question. The pre-1973 trend of
development was maintained. The energy elasticities did not change. The
old forecasts were still held to be valid and were considered now, as
earlier, to be the objectives which a successful energy policy had to
achieve. This was considered a prerequisite for high growth rates of GNP
and improvements in living conditions, and energy consumption was
regarded as an indicator of the level of economic development.
Therefore, the focus was shifted to an enlargement of the supply of
indigenous energy resources as a substitute for imported energy, so that
dependence on foreign countries could be minimized.
