Oil is considered the engine of development so much so the US unleashes wars to capture oil producing nations
Petrol may not run power plants but gas does. And after all, the much greater price shock is predicted to be in natural gas - potentially crippling states like Gujarat who highly depend on it.
If price of oil goes up, every commodity. Food supply is hit as agriculture land is diverted to growing bio-fuels. Collapse of the $ and global equity market have seen investments shift to commodity markets where for 6% margin positions can be taken. An estimated $ 4-5 trillion is invested in commodity markets.
Energy needs of India are increasing exponentially. India would require 500-600 thousand MW of power by 2030 up from 132,110 at present. So nuclear power, thou constituting a small share of energy security mix can still make a vital difference.
It must be appreciated there is a break down in consensus regarding big dams and climate change concerns put a huge ? mark on dependence on coal to spearhead our energy needs
