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Price Elasticity of Demand for Crude Oil: Estimates for 23 Countries

John C.B. Cooper
Glasgow Caledonian University - Department of Economics

OPEC Review, Vol. 27, pp. 1-8, March 2003

Abstract:
This paper uses a multiple regression model derived from an adaptation of Nerlove's partial adjustment model to estimate both the short-run and long-run elasticities of demand for crude oil in 23 countries. The estimates so obtained confirm that the demand for crude oil internationally is highly insensitive to changes in price.

Accepted Paper Series

Date posted: August 04, 2003 ; Last revised: September 08, 2003

Suggested Citation

Cooper, John C.B., Price Elasticity of Demand for Crude Oil: Estimates for 23 Countries. OPEC Review, Vol. 27, pp. 1-8, March 2003. Available at SSRN: http://ssrn.com/abstract=416815

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Contact Information

John C.B. Cooper (Contact Author)

Glasgow Caledonian University - Department of Economics

City Campus
Cowcaddens Road
Glasgow G4 0BA, Scotland United Kingdom