Does crude oil consumption affect economic output?
Faculty Mentor(s) Name(s)
Brooke Conaway
Abstract
The United States is the highest petroleum-consuming country in the world, accounting for 20.4 percent of global petroleum consumption. The United States also ranks first globally concerning real GDP. I use time series national-level real GDP data from the FRED and national-level crude oil consumption data from the EIA to observe whether there is a relationship between crude oil consumption and real GDP. There are inconsistent viewpoints on this question by scholars; however, my preliminary results suggest a 2 million dollar increase in US real GDP for every additional barrel of crude oil consumed.
Start Date
27-3-2024 11:30 AM
End Date
27-3-2024 11:38 AM
Location
Atkinson 107
Does crude oil consumption affect economic output?
Atkinson 107
The United States is the highest petroleum-consuming country in the world, accounting for 20.4 percent of global petroleum consumption. The United States also ranks first globally concerning real GDP. I use time series national-level real GDP data from the FRED and national-level crude oil consumption data from the EIA to observe whether there is a relationship between crude oil consumption and real GDP. There are inconsistent viewpoints on this question by scholars; however, my preliminary results suggest a 2 million dollar increase in US real GDP for every additional barrel of crude oil consumed.
