U.S. oil demand and conservation
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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- 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.
- Hogan, William W., 1989. "A dynamic putty--semi-putty model of aggregate energy demand," Energy Economics, Elsevier, vol. 11(1), pages 53-69, January.
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