An econometrics view of worldwide fossil fuel consumption and the role of US

Shafiee, Shahriar and Topal, Erkan (2008) An econometrics view of worldwide fossil fuel consumption and the role of US. Energy Policy, 36 2: 775-786. doi:10.1016/j.enpol.2007.11.002

Author Shafiee, Shahriar
Topal, Erkan
Title An econometrics view of worldwide fossil fuel consumption and the role of US
Journal name Energy Policy   Check publisher's open access policy
ISSN 0301-4215
Publication date 2008-02
Year available 2007
Sub-type Article (original research)
DOI 10.1016/j.enpol.2007.11.002
Open Access Status File (Author Post-print)
Volume 36
Issue 2
Start page 775
End page 786
Total pages 11
Editor N. France
Place of publication United Kingdom
Publisher Pergamon
Collection year 2008
Language eng
Subject 290701 Mining Engineering
640000 - Mineral Resources (Excl. Energy)
Abstract 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.
Keyword Worldwide fossil fuel consumption
Econometrics model
Global nonrenewable resource trend
Q-Index Code C1
Q-Index Status Confirmed Code

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Created: Tue, 15 Apr 2008, 10:30:33 EST by Gail Smith on behalf of Mining and Minerals Process Engineering