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Wordcount: 1913
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Vital role of enery in the economy
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The Vital Role of Energy in the Economy
In today’s economy, energy accounts for seven to eight percent of Gross Domestic Product throughout the United States and worldwide. It is an important factor in determining whether or not our country will go into a recession, increase its’ unemployment rate, or create an inflation. All these determinants are affected when and where energy becomes scarce and expensive. The growth of energy use is driven by the combination of population increase and economic development. United States recently reported that 4.6% of the world inhabitants in U.S accounted for about 22% of the energy demand in comparison with the rest of the world. The dependence of U.S energy supply on fossil fuels, almost 85%,
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