OIL AND GASOLINE MARKET ANALYSIS IN MEXICO, 1996-2015

OIL AND GASOLINE MARKET ANALYSIS IN MEXICO, 1996-2015

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Oil is the main source of energy for the development of human activities, since it represents 40% of the total energy consumed. The objective of this study was to analyze the oil and gasoline market in Mexico and the factors that determine them. The hypothesis was that the supply of oil is highly price inelastic and that the demand for gasoline is due to a great extent to the number of vehicles in circulation. The applied model was a simultaneous equation econometric one fed with statistical series of data from 1995 to 2015 and estimated with the method of two stage least squares (MC2E). The supply of crude oil in Mexico is highly inelastic (0.0005) to the ratio of international price and the barrel price of crude oil in the country and its effects are both inelastic and negative for the extraction cost (-0.17) and the proven reserves in the country (-0.04). The applied model was a simultaneous equation econometric one fed with statistical series of data from 1995 to 2015 and estimated with the method of two stage least squares (MC2E). The supply of crude oil in Mexico is highly inelastic (0.0005) to the ratio of international price and the barrel price of crude oil in the country and its effects are both inelastic and negative for the extraction cost (-0.17) and the proven reserves in the country (-0.04). The demand for national gasoline is inelastic to its own price (-0.67) and the number of vehicles in Mexico (0.71). The international price of crude oil is transmitted inelastically (0.87) to the domestic barrel price of crude oil. Gasoline foreign trade balance in Mexico (imports minus exports) can be reduced with the amount of oil produced internationally and with the supply of crude oil in Mexico.

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Auteurs principaux: Montero-Monsalvo, Emmanuel, Mora-Flores, José S., Martínez-Damián, Miguel Á., Hernández-Juárez, Martín, Valdivia-Alcalá, Ramón
Format: Digital revista
Langue:spa
Publié: Colegio de Postgraduados 2018
Accès en ligne:https://www.agrociencia-colpos.org/index.php/agrociencia/article/view/1731
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spelling oai:ojs.pkp.sfu.ca:article17312020-05-14T07:04:36Z OIL AND GASOLINE MARKET ANALYSIS IN MEXICO, 1996-2015 ANÁLISIS DEL MERCADO DE PETRÓLEO Y LA GASOLINA EN MÉXICO, 1996-2015 Montero-Monsalvo, Emmanuel Mora-Flores, José S. Martínez-Damián, Miguel Á. Hernández-Juárez, Martín Valdivia-Alcalá, Ramón supply demand price foreign trade balance oil gasoline oferta demanda precio saldo de comercio exterior petróleo gasolina Oil is the main source of energy for the development of human activities, since it represents 40% of the total energy consumed. The objective of this study was to analyze the oil and gasoline market in Mexico and the factors that determine them. The hypothesis was that the supply of oil is highly price inelastic and that the demand for gasoline is due to a great extent to the number of vehicles in circulation. The applied model was a simultaneous equation econometric one fed with statistical series of data from 1995 to 2015 and estimated with the method of two stage least squares (MC2E). The supply of crude oil in Mexico is highly inelastic (0.0005) to the ratio of international price and the barrel price of crude oil in the country and its effects are both inelastic and negative for the extraction cost (-0.17) and the proven reserves in the country (-0.04). The applied model was a simultaneous equation econometric one fed with statistical series of data from 1995 to 2015 and estimated with the method of two stage least squares (MC2E). The supply of crude oil in Mexico is highly inelastic (0.0005) to the ratio of international price and the barrel price of crude oil in the country and its effects are both inelastic and negative for the extraction cost (-0.17) and the proven reserves in the country (-0.04). The demand for national gasoline is inelastic to its own price (-0.67) and the number of vehicles in Mexico (0.71). The international price of crude oil is transmitted inelastically (0.87) to the domestic barrel price of crude oil. Gasoline foreign trade balance in Mexico (imports minus exports) can be reduced with the amount of oil produced internationally and with the supply of crude oil in Mexico. El petróleo es la fuente principal de energía para el desarrollo de las actividades humanas ya que representa 40 % de la energía total consumida. El objetivo de este estudio fue analizar el mercado del petróleo y las gasolinas en México y los factores que los determinan. La hipótesis fue que la oferta de petróleo es sumamente inelástica a su precio, y que la demanda de gasolina la explican en mayor medida el número de vehículos en circulación. El modelo aplicado fue econométrico de ecuaciones simultáneas, alimentado con series estadísticas de datos de 1995 a 2015 y estimado con el método de mínimos cuadrados en dos etapas (MC2E). La oferta de petróleo crudo en México es sumamente inelástica (0.0005) a la variable de la relación del precio internacional entre el precio del barril del petróleo crudo en el país y sus efectos son inelásticos y negativos por costo de extracción (-0.17) y las reservas probadas en el país (-0.04). La demanda de gasolina nacional es inelástica a su precio (-0.67) y cantidad de vehículos en México (0.71). El precio internacional de petróleo crudo se transmite en forma inelástica (0.87) en el precio de barril de petróleo crudo nacional. El saldo de comercio exterior de gasolina en México (importaciones menos exportaciones) puede abatirse con la cantidad de petróleo producida internacionalmente y con la oferta de crudo en México. Colegio de Postgraduados 2018-12-29 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Artículo revisado por pares application/pdf https://www.agrociencia-colpos.org/index.php/agrociencia/article/view/1731 Agrociencia; Vol. 52 No. 8 (2018): 16 de noviembre - 29 de diciembre 2018.; 1179-1193 Agrociencia; Vol. 52 Núm. 8 (2018): 16 de noviembre - 29 de diciembre 2018.; 1179-1193 2521-9766 1405-3195 spa https://www.agrociencia-colpos.org/index.php/agrociencia/article/view/1731/1731
institution COLPOS
collection OJS
country México
countrycode MX
component Revista
access En linea
databasecode rev-agrociencia-mx
tag revista
region America del Norte
libraryname Departamento de documentación y biblioteca de COLPOS
language spa
format Digital
author Montero-Monsalvo, Emmanuel
Mora-Flores, José S.
Martínez-Damián, Miguel Á.
Hernández-Juárez, Martín
Valdivia-Alcalá, Ramón
spellingShingle Montero-Monsalvo, Emmanuel
Mora-Flores, José S.
Martínez-Damián, Miguel Á.
Hernández-Juárez, Martín
Valdivia-Alcalá, Ramón
OIL AND GASOLINE MARKET ANALYSIS IN MEXICO, 1996-2015
author_facet Montero-Monsalvo, Emmanuel
Mora-Flores, José S.
Martínez-Damián, Miguel Á.
Hernández-Juárez, Martín
Valdivia-Alcalá, Ramón
author_sort Montero-Monsalvo, Emmanuel
title OIL AND GASOLINE MARKET ANALYSIS IN MEXICO, 1996-2015
title_short OIL AND GASOLINE MARKET ANALYSIS IN MEXICO, 1996-2015
title_full OIL AND GASOLINE MARKET ANALYSIS IN MEXICO, 1996-2015
title_fullStr OIL AND GASOLINE MARKET ANALYSIS IN MEXICO, 1996-2015
title_full_unstemmed OIL AND GASOLINE MARKET ANALYSIS IN MEXICO, 1996-2015
title_sort oil and gasoline market analysis in mexico, 1996-2015
description Oil is the main source of energy for the development of human activities, since it represents 40% of the total energy consumed. The objective of this study was to analyze the oil and gasoline market in Mexico and the factors that determine them. The hypothesis was that the supply of oil is highly price inelastic and that the demand for gasoline is due to a great extent to the number of vehicles in circulation. The applied model was a simultaneous equation econometric one fed with statistical series of data from 1995 to 2015 and estimated with the method of two stage least squares (MC2E). The supply of crude oil in Mexico is highly inelastic (0.0005) to the ratio of international price and the barrel price of crude oil in the country and its effects are both inelastic and negative for the extraction cost (-0.17) and the proven reserves in the country (-0.04). The applied model was a simultaneous equation econometric one fed with statistical series of data from 1995 to 2015 and estimated with the method of two stage least squares (MC2E). The supply of crude oil in Mexico is highly inelastic (0.0005) to the ratio of international price and the barrel price of crude oil in the country and its effects are both inelastic and negative for the extraction cost (-0.17) and the proven reserves in the country (-0.04). The demand for national gasoline is inelastic to its own price (-0.67) and the number of vehicles in Mexico (0.71). The international price of crude oil is transmitted inelastically (0.87) to the domestic barrel price of crude oil. Gasoline foreign trade balance in Mexico (imports minus exports) can be reduced with the amount of oil produced internationally and with the supply of crude oil in Mexico.
publisher Colegio de Postgraduados
publishDate 2018
url https://www.agrociencia-colpos.org/index.php/agrociencia/article/view/1731
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