Abstract
Residential energy consumers in the USA faced several demand shocks in the 1970s and 1980s. These included price rises engineered by the Organization of Petroleum Exporting Countries, natural gas curtailments, shortages of petroleum products and deregulation of energy markets. One result of these events has been structural change in the demand for electricity and petroleum by residential consumers. Demand functions are now more responsive to price changes and consumers react more quickly in adjusting their capital stocks to new levels.
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