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Kinetic Energy the energy a moving object has because of its motion Potential Energy stored energy due to position Elastic Potential Energy energy stored by something that can stretch or compress, such as a rubber band or spring Chemical Potential Energy energy stored in chemical bonds Gravitational Potential Energy energy stored by objects due to their position above earth's surface Mechanical Energy the total amount of potential and kinetic energy in a system law of conservation of energy states that energy cannot be created or destroyed