Scholarly record
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.
Publication Impact Profile
Publication details
References8
Md Qaiser Alam, Md Shabbir Alam, Syed Ahsan Jamil, Oil demand and price elasticity of energy consumption in the GCC countries: A panel cointegration analysis, Business and Economic Horizons, vol. 12, Issue 2, 2016, pp. 63-74.
Huntington H. G., Barriosand J. B., Vipin A., Review of Key International Demand Elasticities for Major Industrializing Economies, 2017, pp 31.
Phoumin H., Kimura S., Analysis on Price Elasticity of Energy Demand in East Asia: Empirical Evidence and Policy Implications for ASEAN and East Asia, Economic Research Institute for ASEAN and East Asia (ERIA), 2014, pp 56.
Sweeney J. L., The Response of Energy Demand to Higher Prices: What Have We Learned, The American Economic Review, vol. 74, 1984, pp 31-37.
Cline A., The Effect of Prices on oil demand in the Transportation and Residential Sectors, The Park Place Economist, vol. 10, 2002, pp 52-59.
Filimonova, I.V., Komarova, A.V., Mishenin, M.V., Technical, Economic and Fiscal Aspects of Increasing the Efficiency of Development of Oil and Gas Regions in the East of Russia, APEIE, Russia, 2018, pp 374-378.
Eder, L., Filimonova, I.V., Nemov, V.U., Provornaya, I.V., Forecasting sustainable development of transport sectors of Russia and EU: Energy consumption and efficiency, International Journal of Energy Economics and Policy, vol. 8, Issue 2, 2018, pp 74-80.
Kontorovich, A.E., Eder L.V., Filimonova I.V., Nikitenko, S.M., Key Problems in the Development of the Power of Siberia Project, Regional Research of Russia, vol. 8, Issue 1, 2018, pp 92-100.
View or Download full articleAccess options
SWS access login
Login as SWS Scientific CommitteeLogin as SWS Scientific PartnerLogin as SWS AuthorAuthors and approved SWS contributors will read and export their own linked papers after identity matching by SWS profile, email and SGEM GlobalID.
For librarian assistance: [email protected]
Purchase Instant Access
- Article can be downloaded after successful payment.
- Article may be used according to SWS library access terms.
- Article cannot be redistributed.
