Energy and Economy

Energy Modelling Lab.Department of Energy Studies,

Energy Systems Division, Ajou University Prof. Suduk Kim

suduk@ajou.ac.kr

A Look at Short-Run Economic Fluctuations

Recession and Oil Price

Source: http://www.wtrg.com/prices.htm

A Look at Short-Run Economic Fluctuations

A Look at Short-Run Economic Fluctuations

Crude Oil Price: Historical Trend

Crude Oil Price Fluctuation

Source: http://www.wtrg.com/prices.htm

China Coal Impact – 30% production reduction

Crude Oil Price Fluctuation (1970-2010)

Source: http://www.wtrg.com/prices.htm

China Coal Impact – 30% production reduction

OPEC Production & Crude Oil Prices 

Source: http://www.wtrg.com/prices.htm

Non-OPEC Production & Crude Oil Prices 

Source: http://www.wtrg.com/prices.htm

U.S. Petroleum Consumption

Source: http://www.wtrg.com/prices.htm

Gold and Oil Prices Historical Relationship

Source: The Underlying Causes of Oil Price Fluctuations,

Figure 1 The Circular-Flow Diagram

GDP and Its Components

Copyright©2004 South-Western

Real and Nominal GDP

Copyright©2004 South-Western

GDP, Life Expectancy, and Literacy

Copyright©2004 South-Western

The Typical Basket of Goods and Services

Two Measures of Inflation

Growth and Investment

The Variety of Growth Experiences

Copyright©2004 South-Western

The U.S. Government Debt

The Breakdown of the Population in 2001

Unemployment Rate since 1960

U.S. Real GDP Growth since 1900

An Adverse Shift in Aggregate Supply

Accommodating an Adverse Shift in Aggregate Supply

Energy & Economy

Energy & Economy

Future Energy Path?

Future Energy Price? (2002 $ per barrel)

Oil Price Forecasting

Energy & Economy