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Price elasticity of demand for crude oil: estimates for 23 countries

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  • John C.B. Cooper
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    Abstract

    This paper uses a multiple regression model derived from an adaptation of Nerlove's partial adjustment model to estimate both the short-run and long-run elasticities of demand for crude oil in 23 countries. The estimates so obtained confirm that the demand for crude oil internationally is highly insensitive to changes in price. Copyright 2003 Organization of the Petroleum Exporting Countries.

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    Bibliographic Info

    Article provided by Organization of the Petroleum Exporting Countries in its journal OPEC Review.

    Volume (Year): 27 (2003)
    Issue (Month): 1 (03)
    Pages: 1-8

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    Handle: RePEc:bla:opecrv:v:27:y:2003:i:1:p:1-8

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    Web page: http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291753-0237

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    1. More on oil and speculation
      by Paul Krugman in The Conscience of a Liberal on 2008-05-13 15:52:00
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    Cited by:
    1. Kangni Kpodar & Calvin Djiofack, 2010. "The Distributional Effects of Oil Price Changes on Household Income: Evidence from Mali," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 19(2), pages 205-236, March.
    2. Melanie Parravano & Luis Enrique Pedauga, 2008. "Oil market dynamics: A Markow chain analysis," Economía, Instituto de Investigaciones Económicas y Sociales (IIES). Facultad de Ciencias Económicas y Sociales. Universidad de Los Andes. Mérida, Venezuela, vol. 33(25), pages 87-115, january-j.
    3. Prat, Georges & Uctum, Remzi, 2011. "Modelling oil price expectations: Evidence from survey data," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(3), pages 236-247, June.
    4. Stefan Reitz & Jan C. Rülke & Georg Stadtmann, 2010. "Regressive Oil Price Expectations Toward More Fundamental Values of the Oil Price," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 230(4), pages 454-466, August.
    5. James L. Smith, 2009. "World Oil: Market or Mayhem?," Journal of Economic Perspectives, American Economic Association, vol. 23(3), pages 145-64, Summer.
    6. Amir Yaron & Leonid Kogan & Dmitry Livdan, 2004. "Futures Prices in a Production Economy with Investment Constraints," 2004 Meeting Papers 128, Society for Economic Dynamics.
    7. Kangni Kpodar, 2006. "Distributional Effects of Oil Price Changes on Household Expenditures: Evidence from Mali," IMF Working Papers 06/91, International Monetary Fund.
    8. Gilbert E. Metcalf, 2006. "Federal Tax Policy Towards Energy," Discussion Papers Series, Department of Economics, Tufts University 0612, Department of Economics, Tufts University.
    9. Brown, Stephen P.A. & Huntington, Hillard G., 2010. "Reassessing the Oil Security Premium," Discussion Papers dp-10-05, Resources For the Future.
    10. Ansgar Belke & Daniel Gros, 2009. "A Simple Model of an Oil Based Global Savings Glut – The “China Factor” and the OPEC Cartel," Ruhr Economic Papers 0128, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
    11. O'Brien, Derry & Weymes, Laura, 2010. "The Impact of Oil Prices on Irish Inflation," Quarterly Bulletin Articles, Central Bank of Ireland, pages 66-82, July.
    12. Martin Bodenstein & Christopher J. Erceg & Luca Guerrieri, 2007. "Oil shocks and external adjustment," International Finance Discussion Papers 897, Board of Governors of the Federal Reserve System (U.S.).

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