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ELASTICITY OF ENERGY CONSUMPTION FROM OIL PRICES: DYNAMIC AND CROSS-COUNTRY ANALYSIS
Abstract
Consumption of energy resources is one of the most important factors of economic growth. Competition for energy resources leads to expansion of range of consumption of renewable and non-renewable energy sources, such as hard-to-recover or shale oil, gas hydrates, biomass, wind, solar, geothermal and other energy. Development of technologies, energy security and environmental sustainability cause inter-fuel competition. However, despite the diversity and substitutability of the types of energy resources, the main factors determining the structure of their consumption are oil prices and the country's economic growth rates. The purpose of article is a dynamic and cross-country analysis of elasticity of energy consumption to oil prices. To achieve the goal, authors solved following tasks: identification of patterns and stages of transformation of world energy market; development of methods and algorithms for estimating the elasticity of energy consumption at oil price, GDP and parameters of interfuel competition based on sensitivity analysis. The results can be the basis for forecasting the sustainable development of energy markets and changes in energy efficiency in various countries.
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