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EMF OP 67: Oil Demand and Technical Progress

Occasional Paper

This analysis provides an empirical perspective on the role of technical progress in OECD oil demand since 1971. It differentiates the role of price-induced and exogenous technical progress from other time-related factors that may influence oil demand growth. Results  confirm that both sources of technical progress operate, but that price-induced improvements appear to be substantially larger.

Publication Date
July 1, 2009