Price and Income Elasticities of Demand for Crude Oil. A study of thirteen OECD and Non-OECD Countries

Christos Tsirimokos () and Georgios Maroulis ()
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Christos Tsirimokos: Institute of Urban Environment and Human Resources, Department of Economics and Regional Development, Panteion University, Athens, Greece
Georgios Maroulis: Institute of Urban Environment and Human Resources, Department of Economics and Re- gional Development, Panteion University, Athens, Greece

Bulletin of Political Economy, 2016, vol. 10, issue 2, 161-180

Abstract: This study examines the determinants of crude oil demand in a panel of thirteen OECD and non-OECD countries constituting about 62% of global crude oil consumption in 2015. Panel unit root and panel cointegration techniques are employed for the estimation of price and income elasticities of crude oil demand. Estimated coefficients in the panel have a statistically significant impact on oil consumption both in the short-run and in the long-run. The empirical panel findings reveal that in the short-run, crude oil demand is price and income inelastic while in the long-run, crude oil demand is income elastic and price inelastic. On the other hand, the estimated coefficients on the price and income variables vary across countries and they are in most of the cases statistically significant.

Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:awu:journl:v:10:y:2016:i:2:p:161-180

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