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Oil Dependence: Is Transport Running out of Affordable Fuel?

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Abstract

The transport sector’s demand for oil is less price sensitive than any other part of the economy. This is partly because demand for transport services is relatively insensitive to price and partly because substitutes for oil in road transport are currently far from cost-effective. Evidence from the USA suggests that as incomes rise, transport sector oil demand becomes even less price sensitive. This implies that oil consumption is set to become increasingly concentrated in the transport sector. It also implies that relatively limited fluctuations in demand can have increasingly significant effects on oil prices.

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  • Itf, 2008. "Oil Dependence: Is Transport Running out of Affordable Fuel?," OECD/ITF Joint Transport Research Centre Discussion Papers 2008/5, OECD Publishing.
    • Handle: RePEc:oec:itfaaa:2008/5-en
    DOI: 10.1787/235517712500
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    Cited by:

    1. Hosseini, Seyed Hossein & Shakouri G., Hamed, 2016. "A study on the future of unconventional oil development under different oil price scenarios: A system dynamics approach," Energy Policy, Elsevier, vol. 91(C), pages 64-74.
    2. Pastowski, Andreas & Grube, Thomas, 2010. "Scope and perspectives of industrial hydrogen production and infrastructure for fuel cell vehicles in North Rhine-Westphalia," Energy Policy, Elsevier, vol. 38(10), pages 5382-5387, October.
    3. Jakobsson, Kristofer & Söderbergh, Bengt & Snowden, Simon & Aleklett, Kjell, 2014. "Bottom-up modeling of oil production: A review of approaches," Energy Policy, Elsevier, vol. 64(C), pages 113-123.
    4. Ross Morrow, W. & Gallagher, Kelly Sims & Collantes, Gustavo & Lee, Henry, 2010. "Analysis of policies to reduce oil consumption and greenhouse-gas emissions from the US transportation sector," Energy Policy, Elsevier, vol. 38(3), pages 1305-1320, March.

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