RBA Annual 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