IntroductionWith the widespread deterioration of the environment, panic strikes and scandalizes environmental problems such as global warming and the greenhouse effect which make the headlines of newspapers and bulletins. information. The entire world is busy devising energy reforms that can prevent the planet from falling deep into the abyss of destruction and catastrophe. To counter the looming energy crisis ravaging the world, researchers around the world are thinking with their aging heads to design reliable energy systems, which can prove effective in resolving environmental disasters. (Costanza, 1991) To achieve this goal, substantial progress has been made in emphasizing greater use for energy production and consumption using renewable energy resources that do not deplete unlike conventional energy resources like coal, oil and natural gas. Another reason why the importance of renewable resources has reached unprecedented levels is the economic feasibility involved and it is because of this importance that a new discipline of environmental economics has invaded the ecological mainstream of this century. According to the National Bureau of Economic Research, environmental economics is the science of empirical and theoretical studies that study the effect of "national or local environmental policies around the world." It further addresses the economic aspects of environmental policies through cost-benefit analysis and methods. to counter the growing threat of air pollution, global warming and water quality. As noted earlier, progress in the development and subsequent extraction of energy benefits from these resources is ongoing...... middle of paper..... .ncy than gasoline. (Sorenson 2005)ReferencesKosltad D. Charles 'Environmental Economics' Second Edition, 2010Vegiroglu T. Nejat, Schur, Dmitry 'Hydrogen Material Science and Carbon Nanomaterials' Kluwer Academic 2004Freudenberger, Richard 'Alcohol: A guide to make Ethanol a Renewable Fuel' Aztext Press 2009 Sorenson, Bent “Hydroegn and Fuel Cells: Emerging Technologies and Applications” Academic Press 2005 Costanza, Robert “Ecological Economies: the Science and Management of Sustainability” Columbia University Press 1991 Olah A. George, Goeppert Alain, Surya.GK “Au- beyond oil and gas: the economics of methanol' Wiley-VCH 2009Mathew, Sathyajit 'Wind energy: fundamentals, resource analysis and economics' Birkhauser 2006Beene, John 'Nickel beta decay as a driver of LENR' June 8, 2010http ://www.mail-archive.com/[email protected]/msg39328.html