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The Impact of Changes in Crude Oil Prices and Offshore Oil Production on the Economic Performance of U.S. Coastal Gulf States

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  • Omowumi Iledare and Williams O. Olatubi
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    Abstract

    This paper investigates the effects of changes in crude oil prices and offshore oil and gas production on the economic performance of U.S. Coastal Gulf States Texas, Louisiana, Alabama and Mississippi. The empirical results do not provide statistical evidence to reject the hypothesis that positive shocks to oil and gas prices and production variation increase the economic performance of these coastal Gulf States. However, the magnitude of the response to changes in prices varies across the states. In addition, the empirical results show significant differences in the duration of the lingering economic effects of price shocks and changes in production among the states. The duration varies depending upon whether the state is a net petroleum exporter or net importer, and whether the state has a diversified economic base or structure.

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    Bibliographic Info

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

    Volume (Year): Volume 25 (2004)
    Issue (Month): Number 2 ()
    Pages: 97-114

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    Handle: RePEc:aen:journl:2004v25-02-a05

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    Cited by:
    1. Kristie M. Engemann & Michael T. Owyang & Howard J. Wall, 2011. "Where is an oil shock?," Working Papers 2011-016, Federal Reserve Bank of St. Louis.
    2. Shekar Shetty & Zahid Iqbal & Mansour Alshamali, 2013. "Energy Price Shocks and Economic Activity in Texas Cities," Atlantic Economic Journal, International Atlantic Economic Society, vol. 41(4), pages 371-383, December.
    3. England, Richard W., 2007. "Motor fuel taxation, energy conservation, and economic development: A regional approach," Ecological Economics, Elsevier, vol. 61(2-3), pages 409-416, March.

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