An Essay on the Estimate of U.S. Demand for Crude Oil
dc.contributor.advisor | Gowens, Paul R. | |
dc.contributor.author | Liu, Chin-Yen A. | |
dc.contributor.committeeMember | Darling, John | |
dc.contributor.committeeMember | Shah, Vivek | |
dc.date.accessioned | 2020-06-23T19:04:19Z | |
dc.date.available | 2020-06-23T19:04:19Z | |
dc.date.issued | 2005-08 | |
dc.description.abstract | This paper investigates the structure of the global crude oil market and develops a model to examine U.S. demand for crude oil and to estimate the short-term price elasticity of demand for crude oil in the U.S. Historically, fluctuations in the price of crude oil have resulted from events of a political, economic, and/or financial nature. This paper describes five features of the world crude oi1 market that are important in understanding how this market functions: product characteristics, operation and refining, reserves and supply, demand, and price. Finally, this paper uses a modified form of the Nerlove lagged-variable model to predict U.S. demand for crude oil. The dependent variable in this model is U.S. per-capita demand for crude oil. The independent variables in this model include the real price of U.S. crude oil, U.S. per-capita real Gross Domestic Product (GDP), U.S. per-capita demand for crude oil lagged one year, and the U.S. energy-consumption-to-GDP ratio. The exponent of the price term in the model is a measure of short-term price elasticity of demand. Therefore, the model can be used to measure the short-term price elasticity of demand for U.S. crude oil. Additionally, this paper will examine the trend in short-term price elasticity of demand for U.S. crude oil, compare these values to previous estimates, and attempt to explain any deviations about the trend. | |
dc.description.department | Finance and Economics | |
dc.format | Text | |
dc.format.extent | 101 pages | |
dc.format.medium | 1 file (.pdf) | |
dc.identifier.citation | Liu, C. Y. A. (2005). An essay on the estimate of U.S. demand for crude oil (Unpublished thesis). Texas State University-San Marcos, San Marcos, Texas. | |
dc.identifier.uri | https://hdl.handle.net/10877/11865 | |
dc.language.iso | en | |
dc.subject | petroleum | |
dc.subject | industry | |
dc.subject | crude oil | |
dc.subject | prices | |
dc.title | An Essay on the Estimate of U.S. Demand for Crude Oil | |
dc.type | Thesis | |
thesis.degree.department | Finance and Economics | |
thesis.degree.grantor | Texas State University-San Marcos | |
thesis.degree.level | Masters | |
thesis.degree.name | Master of Business Administration |
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