An econometrics view of worldwide fossil fuel consumption and the role of US
Crude oil, coal and gas, known as fossil fuels, play a crucial role in the global economy. This paper proposes new econometrics modelling to demonstrate the trend of fossil fuels consumption. The main variables affecting consumption trends are: world reserves, the price of fossil fuels, US productio...
| Main Authors: | , |
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| Format: | Journal Article |
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Elsevier Science
2008
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| Online Access: | http://hdl.handle.net/20.500.11937/38480 |
| _version_ | 1848755332079157248 |
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| author | Shafiee, S. Topal, Erkan |
| author_facet | Shafiee, S. Topal, Erkan |
| author_sort | Shafiee, S. |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | Crude oil, coal and gas, known as fossil fuels, play a crucial role in the global economy. This paper proposes new econometrics modelling to demonstrate the trend of fossil fuels consumption. The main variables affecting consumption trends are: world reserves, the price of fossil fuels, US production and US net imports. All variables have been analysed individually for more than half a century. The research found that while the consumption of fossil fuels worldwide has increased trends in the US production and net imports have been dependent on the type of fossil fuels. Most of the US coal and gas production has been for domestic use, which is why it does not have a strong influence on worldwide fossil fuel prices. Moreover, the reserves of fossil fuels have not shown any diminution during the last couple of decades and predictions that they were about to run out are not substantiated. The nominal and real price of fossil fuels was found to change depending on the type. Finally, estimates of three econometric models for the consumption of fossil fuels from 1949 to 2006 are presented which identify the effects of significant variables. Crown Copyright © 2007. |
| first_indexed | 2025-11-14T08:54:37Z |
| format | Journal Article |
| id | curtin-20.500.11937-38480 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-14T08:54:37Z |
| publishDate | 2008 |
| publisher | Elsevier Science |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-384802017-09-13T14:11:36Z An econometrics view of worldwide fossil fuel consumption and the role of US Shafiee, S. Topal, Erkan Crude oil, coal and gas, known as fossil fuels, play a crucial role in the global economy. This paper proposes new econometrics modelling to demonstrate the trend of fossil fuels consumption. The main variables affecting consumption trends are: world reserves, the price of fossil fuels, US production and US net imports. All variables have been analysed individually for more than half a century. The research found that while the consumption of fossil fuels worldwide has increased trends in the US production and net imports have been dependent on the type of fossil fuels. Most of the US coal and gas production has been for domestic use, which is why it does not have a strong influence on worldwide fossil fuel prices. Moreover, the reserves of fossil fuels have not shown any diminution during the last couple of decades and predictions that they were about to run out are not substantiated. The nominal and real price of fossil fuels was found to change depending on the type. Finally, estimates of three econometric models for the consumption of fossil fuels from 1949 to 2006 are presented which identify the effects of significant variables. Crown Copyright © 2007. 2008 Journal Article http://hdl.handle.net/20.500.11937/38480 10.1016/j.enpol.2007.11.002 Elsevier Science restricted |
| spellingShingle | Shafiee, S. Topal, Erkan An econometrics view of worldwide fossil fuel consumption and the role of US |
| title | An econometrics view of worldwide fossil fuel consumption and the role of US |
| title_full | An econometrics view of worldwide fossil fuel consumption and the role of US |
| title_fullStr | An econometrics view of worldwide fossil fuel consumption and the role of US |
| title_full_unstemmed | An econometrics view of worldwide fossil fuel consumption and the role of US |
| title_short | An econometrics view of worldwide fossil fuel consumption and the role of US |
| title_sort | econometrics view of worldwide fossil fuel consumption and the role of us |
| url | http://hdl.handle.net/20.500.11937/38480 |