energy and economy energy modelling lab. department of energy studies, energy systems division, ajou...
TRANSCRIPT
![Page 1: Energy and Economy Energy Modelling Lab. Department of Energy Studies, Energy Systems Division, Ajou University Prof. Suduk Kim suduk@ajou.ac.kr](https://reader036.vdocuments.site/reader036/viewer/2022070323/56649dc65503460f94aba6eb/html5/thumbnails/1.jpg)
Energy and Economy
Energy Modelling Lab.Department of Energy Studies,
Energy Systems Division, Ajou University Prof. Suduk Kim
![Page 2: Energy and Economy Energy Modelling Lab. Department of Energy Studies, Energy Systems Division, Ajou University Prof. Suduk Kim suduk@ajou.ac.kr](https://reader036.vdocuments.site/reader036/viewer/2022070323/56649dc65503460f94aba6eb/html5/thumbnails/2.jpg)
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A Look at Short-Run Economic Fluctuations
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Recession and Oil Price
Source: http://www.wtrg.com/prices.htm
![Page 5: Energy and Economy Energy Modelling Lab. Department of Energy Studies, Energy Systems Division, Ajou University Prof. Suduk Kim suduk@ajou.ac.kr](https://reader036.vdocuments.site/reader036/viewer/2022070323/56649dc65503460f94aba6eb/html5/thumbnails/5.jpg)
A Look at Short-Run Economic Fluctuations
![Page 6: Energy and Economy Energy Modelling Lab. Department of Energy Studies, Energy Systems Division, Ajou University Prof. Suduk Kim suduk@ajou.ac.kr](https://reader036.vdocuments.site/reader036/viewer/2022070323/56649dc65503460f94aba6eb/html5/thumbnails/6.jpg)
A Look at Short-Run Economic Fluctuations
![Page 7: Energy and Economy Energy Modelling Lab. Department of Energy Studies, Energy Systems Division, Ajou University Prof. Suduk Kim suduk@ajou.ac.kr](https://reader036.vdocuments.site/reader036/viewer/2022070323/56649dc65503460f94aba6eb/html5/thumbnails/7.jpg)
Crude Oil Price: Historical Trend
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Crude Oil Price Fluctuation
Source: http://www.wtrg.com/prices.htm
China Coal Impact – 30% production reduction
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Crude Oil Price Fluctuation (1970-2010)
Source: http://www.wtrg.com/prices.htm
China Coal Impact – 30% production reduction
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OPEC Production & Crude Oil Prices
Source: http://www.wtrg.com/prices.htm
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Non-OPEC Production & Crude Oil Prices
Source: http://www.wtrg.com/prices.htm
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U.S. Petroleum Consumption
Source: http://www.wtrg.com/prices.htm
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Gold and Oil Prices Historical Relationship
Source: The Underlying Causes of Oil Price Fluctuations,
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Figure 1 The Circular-Flow Diagram
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GDP and Its Components
Copyright©2004 South-Western
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Real and Nominal GDP
Copyright©2004 South-Western
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GDP, Life Expectancy, and Literacy
Copyright©2004 South-Western
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The Typical Basket of Goods and Services
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Two Measures of Inflation
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Growth and Investment
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The Variety of Growth Experiences
Copyright©2004 South-Western
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The U.S. Government Debt
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The Breakdown of the Population in 2001
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Unemployment Rate since 1960
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U.S. Real GDP Growth since 1900
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An Adverse Shift in Aggregate Supply
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Accommodating an Adverse Shift in Aggregate Supply
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Energy & Economy
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Energy & Economy
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Future Energy Path?
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Future Energy Price? (2002 $ per barrel)
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Oil Price Forecasting
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Energy & Economy