Abstract
In this paper, we empirically examine the long-run and short-run dynamics of the US gross national product and petroleum imports for the last three decades. We find evidence of a long-run relationship between gross domestic national product and petroleum imports, but only a fragile one. Similarly there is a significant feedback (long-term) effect from petroleum imports to gross national product and vice versa. This feedback is fairly significant. However, the short-term effect is highly significant, but there is a relatively slow response from the values of gross national product to petroleum imports. Therefore, the link between US gross national product and petroleum imports is fragile in the long run.
Published Version
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