Elasticity of energy consumption from oil prices: Dynamic and cross-country analysis

Research output: Contribution to journalConference articlepeer-review

Abstract

Consumption of energy resources is one of the most important factors of economic growth. Competition for energy resources leads to expansion of range of consumption of renewable and non-renewable energy sources, such as hard-to-recover or shale oil, gas hydrates, biomass, wind, solar, geothermal and other energy. Development of technologies, energy security and environmental sustainability cause inter-fuel competition. However, despite the diversity and substitutability of the types of energy resources, the main factors determining the structure of their consumption are oil prices and the country's economic growth rates. The purpose of article is a dynamic and cross-country analysis of elasticity of energy consumption to oil prices. To achieve the goal, authors solved following tasks: identification of patterns and stages of transformation of world energy market; development of methods and algorithms for estimating the elasticity of energy consumption at oil price, GDP and parameters of interfuel competition based on sensitivity analysis. The results can be the basis for forecasting the sustainable development of energy markets and changes in energy efficiency in various countries.

Original languageEnglish
Pages (from-to)161-167
Number of pages7
JournalInternational Multidisciplinary Scientific GeoConference Surveying Geology and Mining Ecology Management, SGEM
Volume19
Issue number4.1
DOIs
Publication statusPublished - Jul 2019
Event19th International Multidisciplinary Scientific Geoconference, SGEM 2019 - Albena, Bulgaria
Duration: 30 Jun 20196 Jul 2019

Keywords

  • Cross-country analysis
  • Elasticity of energy consumption from GDP
  • Energy consumption
  • Oil and gas industry
  • Oil prices

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