Google Search Explains Your Gasoline Consumption!
23 Pages Posted: 16 Dec 2019 Last revised: 16 Apr 2020
Date Written: November 29, 2019
We show that including Google Search Volume (GSV) for bus and train, as proxies for the willingness of the consumers to use public transportation services, significantly improves the explanatory and predictive power of the estimated demand for the United States retail gasoline. We find that gasoline consumption is negatively related to the search for public transportation services. Our results demonstrate a showcase for utilizing real-time data to improve quantitative energy policy analysis.
Keywords: Google Trend, Gasoline Demand, Public Transportation, Forecasting
JEL Classification: C22, Q41, Q47, R41
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