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Technology and Energy Use Before, During, and After OPEC: The U.S. Portland Cement Industry

For 12 years analysts have watched industries respond to increased energy prices. In particular, there has been an extensive effort to measure the substitutability of inputs in production, much of which has focused on energy and capital. We may now be at a point where the relevant question is, have firms increased the substitutability of energy with other inputs by what they have done these past 12 years, or will they be caught unawares as the current drop in oil prices precipitates a fall in the market prices of all energy sources? Will we see firm production moving back toward a more energy-intensive process either in the short run or the long run?

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Energy Specializations: Energy Modeling – Energy Data, Modeling, and Policy Analysis; Energy and the Economy – Energy as a Productive Input; Energy and the Economy –Economic Growth and Energy Demand; Energy and the Economy – Resource Endowments and Economic Performance; Energy and the Economy – Energy Shocks and Business Cycles

JEL Codes: Q40: Energy: General, Q41: Energy: Demand and Supply; Prices, D24: Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity, D22: Firm Behavior: Empirical Analysis

Keywords: US Portland cement industry, input substitution, oil prices

DOI: 10.5547/ISSN0195-6574-EJ-Vol8-No3-5

Published in Volume 8, Number 3 of the bi-monthly journal of the IAEE's Energy Economics Education Foundation.


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