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Elasticity of demand for gasoline since the 1973 oil embargo

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  • Schneider, Alan M.

Abstract

The magnitude E of the price elasticity of gasoline was found to be E = 0.2054(1 − savings due to unemployment and voluntary conservation (per cent of forcast sales)4.78 ± 0.0378 within 95% confidence limits. This results holds over a two-year period following the Arab oil embargo in which real prices rose as much as 30%. No discernable change in elasticity was observed over the two-year period. Savings in gasoline consumption due to unemployment and voluntary conservation are almost certainly less than 4.78% of forecast sales. Voluntary conservation may well be closer to 0% than to 4.78%. The methodology of the study was to fit a Box-Jenkins2 time series model to 13 years of gasoline sales prior to the embargo, and to use this model to predict what sales would have been had no change in price or other conditions occurred.

Suggested Citation

  • Schneider, Alan M., 1977. "Elasticity of demand for gasoline since the 1973 oil embargo," Energy, Elsevier, vol. 2(1), pages 45-52.
    • Handle: RePEc:eee:energy:v:2:y:1977:i:1:p:45-52
    DOI: 10.1016/0360-5442(77)90019-6
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    8. Unknown, 1963. "Statistics on Cotton and Related Data, 1925-1962," Statistical Bulletin 153749, United States Department of Agriculture, Economic Research Service.
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