REAL

Examining the Impact of Oil Price Change on the Economy Through GDP Change

Szira, Zoltán and Hani, Alghamdi and Varga, Erika (2019) Examining the Impact of Oil Price Change on the Economy Through GDP Change. Acta Carolus Robertus : Az Eszterházy Károly Egyetem Gyöngyösi Károly Róbert Campusának tudományos közleményei, 9 (2). pp. 149-159. ISSN 2062-8269 (nyomtatott); 2498-9312 (online)

[img]
Preview
Text
149_159_Szira.pdf - Published Version

Download (656kB) | Preview

Abstract

Petroleum economics is the field that studies human utilization of petroleum resources and the consequences of that utilization. Petroleum use allows the production of energy. Resources can be regarded as renewable or depletable; petroleum falls into the latter category, which can have an effect on pricing strategies. Crude oil is one of the main natural feedstocks used to meet energy demands and price variation has a significant influence on the society development. A large amount of research suggests that oil price fluctuations have considerable consequences on economic activity. These consequences are expected to be different in oil importing and in oil exporting countries. Whereas an oil price increase should be considered positive news in oil exporting countries and negative news in oil importing countries, the reverse should be expected when the oil price decreases. The paper investigates the co-movements and causality relationship between oil prices and GDP of selected oil exporting countries. Our assumption is decreasing oil prices have a negative impact on the GDP of such countries.

Item Type: Article
Uncontrolled Keywords: oil price, GDP, relationship, export, impact
Subjects: H Social Sciences / társadalomtudományok > HB Economic Theory / közgazdaságtudomány
H Social Sciences / társadalomtudományok > HF Commerce / kereskedelem
Depositing User: Tibor Gál
Date Deposited: 18 Nov 2020 10:28
Last Modified: 03 Apr 2023 07:04
URI: http://real.mtak.hu/id/eprint/116972

Actions (login required)

Edit Item Edit Item