The Impact of Electricity and Oil Consumption to Philippine Gross Domestic Variables:A Model Analysis from 2000-2020

Abstract

Energy and Oil consumption plays a key and crucial role in the process of economic growth. At the same time, energy and oil consumption patterns in every country are significantly affected by energy and oil prices. Energy and Oil Consumption is also a key to industrialization and development of industrial; technological advancement and infrastructure facilities such as roads and transportations and factory networks. Energy and Oil Consumption is a necessary input to economic growth and is also a function of growth. Philippine consumption of oil and energy increase every year. These challenges raise the necessity for cleaner technologies or products that employ lesser energy inputs or produce fewer emissions. To address such concerns, the country might need to improve the technical efficiency of energy use including advancing its current technological standards in processing petroleum products. Thus, this study tries to examine how oil and electricity energy consumption affects Gross Domestic Variables in the Philippines.