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green econometrics

Information and analysis on the economics of solar and alternative energies

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Entries from May 2009

Oil Consumption Impacted More by Price than Deteriorating Economic Conditions

May 13th, 2009 · Comments Off on Oil Consumption Impacted More by Price than Deteriorating Economic Conditions

The fall in oil consumption was most dramatic following the escalating price of crude oil to $145.16 per barrel on July 14, 2008 then at any other point over the last several years. Price elasticity, a key concept in Economics 101, which measures the impact of price change to changes in unit volume sold, is […]

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