Premium
Energy consumption trends in high growth Asian economies before and after 1986
Author(s) -
James William E.,
Fesharaki Fereidun
Publication year - 1990
Publication title -
natural resources forum
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.646
H-Index - 49
eISSN - 1477-8947
pISSN - 0165-0203
DOI - 10.1111/j.1477-8947.1990.tb00382.x
Subject(s) - oil consumption , diversification (marketing strategy) , economics , industrialisation , consumption (sociology) , energy consumption , oil price , developing country , development economics , international economics , agricultural economics , economy , monetary economics , business , market economy , economic growth , engineering , biology , ecology , social science , marketing , sociology , automotive engineering
In 1986, world oil prices declined sharply. Lower oil prices have been favourable to economic growth and price stability in Asia. However, oil consumption has also been growing rapidly in developing Asian countries including those dependent on imported oil. The increasing dependence on oil as a source of energy since 1986 is a striking reversal of the previous trend. In their pursuit of rapid industrialization, Asian countries have neglected energy conservation and diversification strategies. Unless energy policy is redirected, countries like Korea, Thailand and the Philippines could be seriously hurt by a sharp rise in oil prices. An increase in oil prices is almost inevitable in the next few years.