The demand for imported oil: New Zealand's post-deregulation experience

Mohammad Jaforullah and Alan King

New Zealand Economic Papers, 2018, vol. 52, issue 1, 40-52

Abstract: Oil is the single most important energy source within the New Zealand economy and is also the source of a significant fraction of its greenhouse gas emissions. We model New Zealand's demand for imported oil over the period following the deregulation of its market for petroleum products in 1988. The income elasticity estimate we obtain (1.35) is larger than those reported for most countries and indicates that continued economic growth will make the government's emission targets increasingly difficult to achieve. However, we also find demand is sufficiently price-sensitive (−0.46) for fuel taxes to be reasonably effective at curbing oil demand.

Date: 2018
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DOI: 10.1080/00779954.2016.1207199

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