The systemic, long‐run relation among gasoline demand, gasoline price, income, and vehicle ownership in OECD countries: Evidence from panel cointegration and causality modeling

This paper looks at relationships between gasoline consumption per capita, income, gasoline price, and car ownership for a panel of OECD countries. Estimated long‐run and short‐run income elasticities are smaller than typically found and gasoline consumption is Granger‐caused by gasoline price, but not by car ownership or income. Car ownership is Granger‐caused by income and at the margin by gasoline consumption, but not by gasoline price.