Effects of energy diversification policy against crude oil price fluctuations

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The present research analyzes the diversification effect in 15 OECD countries' energy consumption and their import source of crude oil against annual price changes (1984-2010) in crude oil. The study establishes a multivariate panel equation including factors relevant to the price changes (e.g., national economic variables and major socioeconomic events) for econometric estimation of system generalized method of moments. The research finds that a country's two concentration levels of energy utilization (i.e., energy consumption and import dependence for crude oil) have positive effects on the annual price changes in crude oil. The result suggests empirical support for energy diversification policies in other countries.
Publisher
TAYLOR & FRANCIS INC
Issue Date
2017-02
Language
English
Article Type
Article
Keywords

RENEWABLE ENERGY; EXCHANGE-RATE; SECURITY; INDUSTRY; ISSUES; INDEX

Citation

ENERGY SOURCES PART B-ECONOMICS PLANNING AND POLICY, v.12, no.2, pp.166 - 171

ISSN
1556-7249
DOI
10.1080/15567249.2014.950393
URI
http://hdl.handle.net/10203/251117
Appears in Collection
MG-Journal Papers(저널논문)RIMS Journal Papers
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