Conference – 2009 The Economic Consequences of Oil Shocks: Differences across Countries and Time

Table B2: The Role of Oil and Energy and the Impact of Oil Supply Shocks over Time
Net import of oil(a) Net import of energy(a) Energy intensity(a) Maximum impact on GDP(b) Maximum impact on CPI(b)
1970–1985 1986–2008 Change 1970–1985 1986–2008 Change 1970–1985 1986–2008 Change 1970–1985 1986–2008 Change 1970–1985 1986–2008 Change
(a) Averages for period based on IEA data measured as (tonnes of oil equivalent)/GDP (US$ million, PPP-weighted) of respectively net imports of crude oil, net imports of total energy, and total domestic energy consumption.
(b) Cumulated percentage change. Estimated maximum median impulse response over the horizon to an oil supply shock that raises oil prices by 10 per cent; comparison of maximum responses over time.
Sources: IEA; authors' calculations
United States 63 55 8   59 57 2   374 254 120   −1.24 −0.35 0.89   0.74 0.35 0.38
Euro area 112 71 41   127 101 26   210 168 42   −1.66 −0.33 1.33   1.93 0.58 1.35
Japan 122 67 55   174 129 45   197 158 39   −1.63 −0.41 1.22   0.52 0.11 0.41
Switzerland 28 22 6   86 69 17   122 119 3   −1.04 −0.32 0.72   0.19 0.89 0.70
United Kingdom 44 −21 65   59 −10 69   239 164 75   −1.75 −0.35 1.40   1.69 0.15 1.54
Canada 12 −16 28   −45 −132 87   389 306 83   −1.09 0.01 1.10   1.21 0.13 1.08
Australia 31 7 24   −56 −213 157   260 215 45   −1.37 −0.22 1.15   1.65 0.04 1.61
Norway −96 −704 608   −178 −1,035 857   219 178 41   −1.23 0.10 1.33   1.77 0.04 1.74