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Price Elasticity of Demand for Oil and the Terms of Trade of the OPEC Countries

Author

Listed:
  • M. M. Metwally
  • A. T. Arab

Abstract

The price elasticity of demand for oil has changed significantly since the sharp rise in oil prices in late 1973. Although oil is still a necessary commodity with a price elasticity of less than one, the policies recently introduced by many importing countries to store oil and reduce its consumption, the continuous development of energy alternatives, and the increase in oil suppliers have contributed significantly to the rise in the price elasticity of demand for this vital commodity.

Suggested Citation

  • M. M. Metwally & A. T. Arab, 1987. "Price Elasticity of Demand for Oil and the Terms of Trade of the OPEC Countries," The Energy Journal, , vol. 8(1), pages 53-68, July.
    • Handle: RePEc:sae:enejou:v:8:y:1987:i:1:p:53-68
    DOI: 10.5547/ISSN0195-6574-EJ-Vol8-No1-4
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