REDUCING THE USAGE OF CRUDE OIL — WHAT CAN BE LEARNED FROM HIGHEST CRUDE CONSUMER COUNTRIES?

Bezalel Gavish () and Royi Gavish ()
Additional contact information
Bezalel Gavish: Southern Methodist University, Dallas, TX 75205, USA
Royi Gavish: 2726 Gallows Rd, Suite 704, Vienna, VA 22180, USA

International Journal of Information Technology & Decision Making (IJITDM), 2012, vol. 11, issue 02, 233-246

Abstract: The production and consumption of crude oil became a major issue with the sharp increase in crude oil prices that took place during the last few months. We investigate the relationship between crude oil consumption and the GDP of the top crude oil consuming countries. The amount of GDP produced per barrel of crude oil varies significantly between different countries; the ratio is in the range of 2% to 10% of the GDP when the price of a barrel of crude oil is $100. The paper attempts to explain the high variability with the aim of learning from high GDP producers as to how they are able to generate a larger GDP per barrel of crude oil consumption. The paper also identifies a hysteresis effect in crude consumption reduction and illustrates how understanding it can lead to better production and conservation policies.

Keywords: Electric power; energy conservation; energy management; energy resources; fuel optimal control; petroleum; power demand; road vehicle electric propulsion; rail transportation power systems (search for similar items in EconPapers)
Date: 2012
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.worldscientific.com/doi/abs/10.1142/S0219622012400019
Access to full text is restricted to subscribers

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wsi:ijitdm:v:11:y:2012:i:02:n:s0219622012400019

Ordering information: This journal article can be ordered from

DOI: 10.1142/S0219622012400019

Access Statistics for this article

International Journal of Information Technology & Decision Making (IJITDM) is currently edited by Yong Shi

More articles in International Journal of Information Technology & Decision Making (IJITDM) from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().