Investigating the asymmetry effects of crude oil price on renewable energy consumption in the United States

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dc.authoridSahu, Pritish Kumar/0000-0002-8639-6864
dc.authoridAl-mulali, Usama/0000-0001-6431-7873
dc.authoridOzturk, Ilhan/0000-0002-6521-0901
dc.contributor.authorSahu, Pritish Kumar
dc.contributor.authorSolarin, Sakiru Adebola
dc.contributor.authorAl-mulali, Usama
dc.contributor.authorOzturk, Ilhan
dc.date.accessioned2025-03-07T20:19:29Z
dc.date.available2025-03-07T20:19:29Z
dc.date.issued2022
dc.departmentÇağ Üniversitesi
dc.description.abstractThe reduction in oil prices might make crude oil a cheaper alternative to renewable energy (RE). Given this, the present paper examines the effect of fluctuation of oil prices on the use of RE in the United States (US) during the period 1970 to 2018. We constructed two nonlinear autoregressive distributed lag (NARDL) models to examine the effect of the positive and negative oil price shocks on the use of RE in the US. The RE consumption is taken as the dependent variable and the gross domestic product (GDP), Brent crude prices, population density, trade openness, and price index as independent variables. The result revealed that the rise in crude oil price, GDP, and population density will increase RE use in the short run and in the long run as well. Moreover, the study finds that any decrease in oil prices will decrease RE use in the short run and its effect will eventually diminish in the long run. On the policy front, it is suggested that US should raise its energy security by reducing its dependency on imported crude oil and increase the role of RE through the imposition of taxes on oil and increase the base of production and consumption through a series of measures.
dc.identifier.doi10.1007/s11356-021-15577-9
dc.identifier.endpage827
dc.identifier.issn0944-1344
dc.identifier.issn1614-7499
dc.identifier.issue1
dc.identifier.pmid34345984
dc.identifier.scopus2-s2.0-85111832648
dc.identifier.scopusqualityQ1
dc.identifier.startpage817
dc.identifier.urihttps://doi.org/10.1007/s11356-021-15577-9
dc.identifier.urihttps://hdl.handle.net/20.500.12507/3218
dc.identifier.volume29
dc.identifier.wosWOS:000680791700011
dc.identifier.wosqualityQ2
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.indekslendigikaynakPubMed
dc.language.isoen
dc.publisherSpringer Heidelberg
dc.relation.ispartofEnvironmental Science and Pollution Research
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/closedAccess
dc.snmzKA_WoS_20241226
dc.subjectOil prices
dc.subjectRenewable energy
dc.subjectGDP
dc.subjectTrade openness
dc.subjectAsymmetries
dc.subjectNARDL
dc.titleInvestigating the asymmetry effects of crude oil price on renewable energy consumption in the United States
dc.typeArticle

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