The study contains the results of estimating a quarterly econometric model for the USA for the 1973 to 1980 period. The model is composed of four equations. The first three specify the energy consumed by each of the three sectors: residential-commercial, industrial and transport at period t to be a function of previous consumption of energy, the level of economic activity (GNP), the real price of crude oil and a time trend. The fourth equation relates GNP to the energy consumed by each sector, previous GNP and a time trend. The simultaneous estimation of the four equations system indicates that the only direct significant effect of an increase of the price of oil on GNP is via the transport sector. The short-run oil price elasticity of this sector is — 0.2. In the industrial sector a significant energy saving technological change is found. The net elasticity of GNP with respect to the price of oil is estimated to be only —0.033.