U.S. OIL DEMAND AND CONSERVATION
作者:
S. P. A. BROWN,
KEITH R. PHILLIPS,
期刊:
Contemporary Economic Policy
(WILEY Available online 1991)
卷期:
Volume 9,
issue 1
页码: 67-72
ISSN:1074-3529
年代: 1991
DOI:10.1111/j.1465-7287.1991.tb00317.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
Recent history has lent casual support to three popular theories about U.S. oil demand: (i) U.S. oil consumption is very insensitive to changing oil prices, (ii) non‐price conservation has reduced U.S. oil demand, and (Hi) U.S. oil consumption falls more when oil prices rise than it rises when oil prices fall. Together, these theories suggest that one could hold oil consumption constant without much economic sacrifice. The authors' econometric evidence does not support these theories. This evidence indicates that U.S. oil consumption is fairly responsive to price changes over the long run, but with a considerable lag. Sharp oil price increases—or an equivalent policy action—would be needed to hold oil consumption constant during the
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