Advanced Search
MyIDEAS: Login to save this article or follow this journal

Oil Demand in the Industrialized Countries

Contents:

Author Info

  • Joyce Dargay
  • Dermot Gately
Registered author(s):

    Abstract

    This paper surveys OECD energy and oil demand over the past three decades, analyzing the different paths of transportation oil, non-transportation oil, and non-oil energy-both over time, and relative to income growth. We review both the OECD as a whole, and make regional comparisons within the OECD. We focus especially on the price-irreversibility of oil demand: why oil demand has not surged now that oil prices have returned to pre-1974 levels. Among our conclusions are the following. Mere has been an asymmetric, smaller demand response to the price decreases of the 1980s than to the price increases of the 1970s. We expect a smaller demand response to future price increases than to those of the 1970s. The demand response to future income growth will be not substantially smaller than in the past. Finally, given the prospect of growing dependence on OPEC oil, in the event of a major disruption the lessened responsiveness of demand to price increases could cause dramatic price increases and serious macroeconomic effects.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://www.iaee.org/en/publications/ejarticle.aspx?id=1014
    Download Restriction: Access to full text is restricted to IAEE members and subscribers.

    As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

    Bibliographic Info

    Article provided by International Association for Energy Economics in its journal The Energy Journal.

    Volume (Year): Volume 15 (1994)
    Issue (Month): Special Issue ()
    Pages: 39-67

    as in new window
    Handle: RePEc:aen:journl:1994si-a03

    Contact details of provider:
    Postal: 28790 Chagrin Blvd Ste 350, Cleveland, OH 44122, USA
    Phone: 216-464-5365
    Fax: 216-464-2737
    Email:
    Web page: http://www.iaee.org
    More information through EDIRC

    Order Information:
    Web: http://www.iaee.org/en/publications/ejsearch.aspx

    Related research

    Keywords:

    Find related papers by JEL classification:

    References

    No references listed on IDEAS
    You can help add them by filling out this form.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as in new window

    Cited by:
    1. Dargay, Joyce & Gately, Dermot, 1995. "The imperfect price reversibility of non-transport oil demand in the OECD," Energy Economics, Elsevier, vol. 17(1), pages 59-71, January.
    2. Greene, David L & Jones, Donald W & Leiby, Paul N, 1998. "The outlook for US oil dependence," Energy Policy, Elsevier, vol. 26(1), pages 55-69, January.
    3. Manuel Frondel and Colin Vance, 2013. "Re-Identifying the Rebound: What About Asymmetry?," The Energy Journal, International Association for Energy Economics, vol. 0(Number 4).
    4. Christiane Baumeister & Gert Peersman, 2012. "Time-Varying Effects of Oil Supply Shocks on the U.S. Economy," Working Papers 12-2, Bank of Canada.
    5. Greene, David L, 1998. "Why CAFE worked," Energy Policy, Elsevier, vol. 26(8), pages 595-613, July.
    6. Huntington, Hillard G., 2011. "Backcasting U.S. oil demand over a turbulent decade," Energy Policy, Elsevier, vol. 39(9), pages 5674-5680, September.
    7. Sorrell, Steve & Dimitropoulos, John & Sommerville, Matt, 2009. "Empirical estimates of the direct rebound effect: A review," Energy Policy, Elsevier, vol. 37(4), pages 1356-1371, April.
    8. Sorrell, Steve & Dimitropoulos, John, 2008. "The rebound effect: Microeconomic definitions, limitations and extensions," Ecological Economics, Elsevier, vol. 65(3), pages 636-649, April.
    9. de Vries, Bert & Janssen, Marco & Beusen, Arthur, 1999. "Perspectives on global energy futures: simulations with the TIME model," Energy Policy, Elsevier, vol. 27(8), pages 477-494, August.
    10. Huntington, Hillard G., 2010. "Short- and long-run adjustments in U.S. petroleum consumption," Energy Economics, Elsevier, vol. 32(1), pages 63-72, January.

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:aen:journl:1994si-a03. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (David Williams).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.