Demand for oil products in the GCC countries

The purpose of this study is to estimate the short and long-run income and price elasticities of oil product consumption in the GCC countries. Annual data spanning the period 1970-91 were fitted to a partial adjustment model to obtain the estimates. The main finding of the study is that both price and income are relatively inelastic in the short run, with a great variation in these elasticities among fuels and across countries