From oil surges to renewable shifts: Unveiling the dynamic impact of supply and demand shocks in global crude oil market on US clean energy trends

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F60460709%3A41110%2F24%3A101572" target="_blank" >RIV/60460709:41110/24:101572 - isvavai.cz</a>

Výsledek na webu

<a href="https://www.sciencedirect.com/science/article/pii/S0301421524002726" target="_blank" >https://www.sciencedirect.com/science/article/pii/S0301421524002726</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1016/j.enpol.2024.114252" target="_blank" >10.1016/j.enpol.2024.114252</a>

Jazyk výsledku

angličtina

Název v původním jazyce

From oil surges to renewable shifts: Unveiling the dynamic impact of supply and demand shocks in global crude oil market on US clean energy trends

Popis výsledku v původním jazyce

Transitioning to renewable energies has become undeniably important in recent decades, especially for the United States. Oil price shocks are prominent determinants of renewable energy. Hence, this study examines the impacts of oil supply, aggregate demand, and oil-specific demand shocks on renewable energy consumption from 1973:01 to 2021:05 using Structural VAR and Time-Varying Parameter VAR models. Based on the results, oil supply shocks generally have a negligible effect on renewable energy, except those that originate from sharp changes in Saudi Arabian oil production and the U.S. recession-induced oil supply deficit. Aggregate demand shocks, such as those caused by the Persian Gulf War and the Asian financial crisis, negatively affect renewable energy by reducing investments and making oil more affordable. Conversely, oil-specific demand shocks, such as the 1979 Iranian Revolution and the 2008 financial crisis, initially reduce renewable energy attractiveness but ultimately lead to increased renewable energy consumption due to soaring oil prices. This study ' s unique approach of separately examining global oil market shocks provides new insights, complementing and extending previous research on the relationship between oil prices and renewable energy consumption. Eventually, policy implications for strengthening incentive policies and adding punitive policies to seeking investment in renewable energy are proposed.

Název v anglickém jazyce

From oil surges to renewable shifts: Unveiling the dynamic impact of supply and demand shocks in global crude oil market on US clean energy trends

Popis výsledku anglicky

Transitioning to renewable energies has become undeniably important in recent decades, especially for the United States. Oil price shocks are prominent determinants of renewable energy. Hence, this study examines the impacts of oil supply, aggregate demand, and oil-specific demand shocks on renewable energy consumption from 1973:01 to 2021:05 using Structural VAR and Time-Varying Parameter VAR models. Based on the results, oil supply shocks generally have a negligible effect on renewable energy, except those that originate from sharp changes in Saudi Arabian oil production and the U.S. recession-induced oil supply deficit. Aggregate demand shocks, such as those caused by the Persian Gulf War and the Asian financial crisis, negatively affect renewable energy by reducing investments and making oil more affordable. Conversely, oil-specific demand shocks, such as the 1979 Iranian Revolution and the 2008 financial crisis, initially reduce renewable energy attractiveness but ultimately lead to increased renewable energy consumption due to soaring oil prices. This study ' s unique approach of separately examining global oil market shocks provides new insights, complementing and extending previous research on the relationship between oil prices and renewable energy consumption. Eventually, policy implications for strengthening incentive policies and adding punitive policies to seeking investment in renewable energy are proposed.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

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OECD FORD obor

20704 - Energy and fuels

Projekt

—

Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2024

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

ENERGY POLICY

ISSN

0301-4215

e-ISSN

0301-4215

Svazek periodika

192

Číslo periodika v rámci svazku

Neuvedeno

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

13

Strana od-do

—

Kód UT WoS článku

001267740300001

EID výsledku v databázi Scopus

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