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The Impact of Petroleum Product Prices on State Economic Conditions: An Analysis of the Economic Base

Author

Listed:
  • Decker, Christopher S.

    (U NE, Omaha)

  • Wohar, Mark E.

    (U NE, Omaha)

Abstract

Recent energy price increases have revitalized interest in energy's impact on state economies. Moreover, lackluster economic growth in most states prompted some to suspend gas tax collections to stimulate economic activity. Given such interest, surprisingly few studies have quantified the effect energy has on state economies. Two questions are thus addressed here: 1) what is the impact of higher energy prices on state employment, and 2) what is the impact of a gas tax suspension. We find that the impact of increased petroleum-based energy prices on employment growth is small, calling into question the efficacy of a gas tax suspension.

Suggested Citation

  • Decker, Christopher S. & Wohar, Mark E., 2005. "The Impact of Petroleum Product Prices on State Economic Conditions: An Analysis of the Economic Base," The Review of Regional Studies, Southern Regional Science Association, vol. 35(2), pages 161-186.
  • Handle: RePEc:rre:publsh:v:35:y:2005:i:2:p:161-86
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    File URL: http://journal.srsa.org/ojs/index.php/RRS/article/view/108/59
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    References listed on IDEAS

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    1. Paul E. Polzin, 2001. "Why Some States Grow Faster than Others: New Growth Models for State Economic Policy," Growth and Change, Wiley Blackwell, vol. 32(3), pages 413-425.
    2. Hamilton, James D, 1983. "Oil and the Macroeconomy since World War II," Journal of Political Economy, University of Chicago Press, vol. 91(2), pages 228-248, April.
    3. Douglas R. Bohi & John R. Powers, 1993. "Energy Price Shocks And Regional Output And Employment," The Review of Regional Studies, Southern Regional Science Association, vol. 23(2), pages 129-142, Fall.
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    Cited by:

    1. Mark C. Snead, 2009. "Are the energy states still energy states?," Economic Review, Federal Reserve Bank of Kansas City, issue Q IV, pages 43-68.

    More about this item

    Keywords

    Energy; Gas; Petroleum; Tax;

    JEL classification:

    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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