The post-World War II period witnessed significant transformation in the global energy sector, where petroleum sources emerged as a synonym for energy in the political debates. The first oil shock and the subsequent disruptions to the global petroleum supply following the Arab Oil Embargo and the political turbulence in the Persian Gulf region made energy as one of the top agendas in the public policy making in many of the import dependent countries. The following years witnessed several changes in the energy policy initiatives globally. Though the challenges to energy import initially made ways to think of eliminating oil imports altogether in western world, it was soon replaced with the less stringent but more complex approach of limiting economic vulnerability to oil imports (Bohi & Toman, 1996).To run the economic activities in many countries fossil fuel emerged as merely unavoidable.
The beginning of 21st century witnessed major shift in the way energy security was perceived and policies were planned. In the case of demand, the shift in the centre of gravity to fast-growing developing economies, led by China and India; together with a slowing in overall energy growth as it is used ever more efficiently. And on the supply side, the secular movement towards cleaner, lower carbon energy sources, led by renewable energy, driven by technological advances and environmental needs (BP, 2017a).’ After China became a net importer of oil in 1990s the surge in global demand put further pressure on the international energy market. Price of crude oil that was $28 per barrel in 2003 skyrocketed to $ 147 per barrel by 2008, damaging many of the import dependent countries’ domestic economy. In the first half of the last decade, United States’ war on terror following the terrorist attack on WTC, invasion of Iraq, the political turbulence in the Persian Gulf region as well as issues such as workers strike in the production facilities in Norway, natural calamities that affected gulf of Mexico production facility have all