Statistical study of energy data

Energy is the capability of some substances, resulting from their physico-chemical properties, to do work or produce heat.

The need to have statistics on energy commodities became obvious during the 1973 oil crisis that brought tenfold increase in petroleum prices.

Before the crisis, to have accurate data on global energy supply and demand was not deemed critical.

What makes energy statistics specific and different from other fields of economic statistics is the fact that energy commodities undergo greater number of transformations (flows) than other commodities.

In these transformations energy is conserved, as defined by and within the limitations of the first and second laws of thermodynamics.