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 devel-
opment 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.
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