The Growth of Energy Consumption and Prices in the USA, FRG, France, and the UK, 1950-1979

摘要

This paper examines data on GDP, industrial output, energy consumption, and price of fuels and electricity in Western developed countries for the period 1950-1979. The study of these time series may shed some light on the relationship between the growth of GDP and energy consumption, a relationship which seems to have entered a new phase following the first oil price explosion of 1973. In particular, information on the most recent developments in energy consumption in the face of escalating prices may assist in the study of price elasticities in this new situation. Prices are taken in current values and adjusted for general inflation; they are monitored by broad sectors of the economy (industry, households, transportation) and for groups of fuel commodities and electricity. The growth of energy consumption and prices is illustrated by a set of graphs in Part I. The major observations are given in Part II. The data are presented in table form in Part III. Part IV provides concepts, definitions, and sources of the variables selected.