Aggregate energy and oil demand in less developed countries

Journal Article · Thu Jan 01 04:00:00 EST 1987 · Energy Syst. Policy; (United States)

OSTI ID:6678675

Chern, W S

A continuation of rapid growth in energy demand in less developed countries (LDCs) would have important policy implications for both energy importing and exporting nations. This article presents the econometric models for estimating demand for aggregate energy and oil products for the selected 15 major energy-consuming LDCs. The estimated long-run income elasticities are, in most cases, greater than unity. The energy price elasticities, being all statistically significant, are nevertheless numerically small. The forecasting results show that aggregate energy demand and oil demand would likely increase at relatively high rates in comparison with most of the industrialized nations. The forecasts are, of course, dependent upon the assumptions of gross domestic product (GDP) growth, population growth, energy prices, and economic structure variables. This article also offers some explanations for the plausibility of relative high forecasted growth of energy demand in LDCs.

• Research Organization: Univ. of Maryland, College Park
• OSTI ID: 6678675
• Journal Information: Energy Syst. Policy; (United States), Journal Name: Energy Syst. Policy; (United States) Vol. 10:1; ISSN ESYPB
• Country of Publication: United States
• Language: English

Related Subjects

29 ENERGY PLANNING, POLICY, AND ECONOMY
292000* -- Energy Planning & Policy-- Supply
Demand & Forecasting
294002 -- Energy Planning & Policy-- Petroleum
DEMAND
DEVELOPING COUNTRIES
ENERGY CONSUMPTION
ENERGY DEMAND
ENERGY MODELS
ENERGY POLICY
FORECASTING
GOVERNMENT POLICIES
GROSS DOMESTIC PRODUCT
PETROLEUM PRODUCTS