Studying the cross elasticity of demand between fluctuations in the price of crude oil and the quantities of consumption and production of natural gas for different regional groups

Abstract

The research addresses the state of the energy consumption market in relation to changes in crude oil prices on one hand, and the consumption and production of natural gas on the other. This is based on the assumption that natural gas is one of the energy sources relied upon in times of energy supply shortages and rising costs resulting from increases in crude oil prices. The study explores the impact of these changes on the growth rates of natural gas production. Notably, the growth rate of any energy source primarily crude oil and natural gas is a key factor in sustaining supply and supporting economic development across selected regional groups (North America, European countries, the Middle East, Asian countries, and the world as a whole).