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U.S. oil demand and conservation

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  • Stephen P.A. Brown
  • Keith R. Phillips

Abstract

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 1990s. Copyright 1991 Western Economic Association International.

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Paper provided by Federal Reserve Bank of Dallas in its series Research Paper with number 9005.

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Date of creation: 1990
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Handle: RePEc:fip:feddrp:9005

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Keywords: Consumption (Economics) ; Power resources - Prices ; Petroleum industry and trade;

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  1. Hogan, William W., 1989. "A dynamic putty--semi-putty model of aggregate energy demand," Energy Economics, Elsevier, vol. 11(1), pages 53-69, January.
  2. Stephen P.A. Brown & Keith R. Phillips, 1986. "Exchange rates and world oil prices," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Mar, pages 1-10.
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Cited by:
  1. Lin Chan, Hing & Kam Lee, Shu, 1997. "Modelling and forecasting the demand for coal in China," Energy Economics, Elsevier, vol. 19(3), pages 271-287, July.

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