 Unraveling the structural sources of oil production and their impact on CO2 emissionsHelmut Herwartz, Bernd Theilen and Shu Wang Energy Economics, 2024, vol. 132, issue C Abstract: In this study, we examine the structural short- and long-run effects of oil supply and demand shocks on the production of crude oil. Among these, oil supply shocks are the major determinant of oil production. Furthermore, we adopt local projections to elicit that oil supply and aggregate demand shocks are significant drivers of CO2 emissions, whereas oil-specific demand shocks have only limited impact on overall emissions in the short-, mid-, and long-term. These findings underscore the limitations of current demand-side policies within a selected group of countries, emphasizing the necessity for global support and binding commitments to effectively reduce emissions from oil production and meet the climate targets set by the Paris Agreement in 2015. Keywords: Fossil fuels; Oil demand and supply shocks; CO2 emissions; Climate change; Energy policy; Global crude oil market; Oil demand and supply elasticity; Structural VAR model (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:eneeco:v:132:y:2024:i:c:s0140988324001968 DOI: 10.1016/j.eneco.2024.107488 Access Statistics for this article Energy Economics is currently edited by R. S. J. Tol, Beng Ang, Lance Bachmeier, Perry Sadorsky, Ugur Soytas and J. P. Weyant More articles in Energy Economics from Elsevier |
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