Analysis of the Robustness of Canada Economy and Energy Supply/Demand Fluctuations

ABSTRACT

It is well-known that energy has an important role in social and economic improvements. Understanding the relationships between energy-related issues and the economic growth is crucial for the development of reliable and appropriate energy policies and for handling the possible economic local or regional impacts. Considering Canada as a case study, this article investigates the relationships among gross domestic product (GDP), energy consumption, energy consumption in the industry, and the elasticity of oil prices. Results showed that the GDP and energy consumption (total, industrial) are inelastic with respect to the oil price and GDP, respectively. Moreover, Extra Trees approach is utilized for modeling the primary energy consumption and CO₂ emissions. It was found that the proposed tree-based models provide excellent predictions.

Additional information

Notes on contributors

Alireza Aslani

ABOUT THE AUTHORS

Alireza Aslani is an assistant professor of the renewable energy and environment department at the University of Tehran. He is also adjunct lecturer of Maastricht School of Management (MSM), The Netherlands. He studied at the University of Vaasa, Finland. His research interests include energy modeling, policy analysis of energy technologies. He is the corresponding author of this article. Email: [email protected].

Mohammad M. Ghiasi

Mohammad M. Ghiasi is a master of science student of energy systems engineering in the renewable energy and environment department at the University of Tehran. His research interests include technology and economics of oil and gas. Email: [email protected].

Mohammadreza Safari

Mohammadreza Safari is a master of science student of energy systems engineering in the renewable energy and environment department at the University of Tehran. His research interests include smart grid analysis. Email: [email protected].