1. Energy and Economy Energy Modelling Lab. Department of Energy Studies, Energy Systems Division, Ajou University Prof. Suduk Kim suduk@ajou.ac.kr

3. A Look at Short-Run Economic Fluctuations

4. Recession and Oil Price Source: http://www.wtrg.com/prices.htm

5. A Look at Short-Run Economic Fluctuations

7. Crude Oil Price: Historical Trend

8. Crude Oil Price Fluctuation Source: http://www.wtrg.com/prices.htm China Coal Impact – 30% production reduction

9. Crude Oil Price Fluctuation (1970-2010) Source: http://www.wtrg.com/prices.htm China Coal Impact – 30% production reduction

10. OPEC Production & Crude Oil Prices Source: http://www.wtrg.com/prices.htm

11. Non-OPEC Production & Crude Oil Prices Source: http://www.wtrg.com/prices.htm

12. U.S. Petroleum Consumption Source: http://www.wtrg.com/prices.htm

13. Gold and Oil Prices Historical Relationship Source: The Underlying Causes of Oil Price Fluctuations,The Underlying Causes of Oil Price Fluctuations

15. Figure 1 The Circular-Flow Diagram

16. GDP and Its Components Copyright©2004 South-Western

17. Real and Nominal GDP Copyright©2004 South-Western

18. GDP, Life Expectancy, and Literacy Copyright©2004 South-Western

19. The Typical Basket of Goods and Services

20. Two Measures of Inflation

21. Growth and Investment

22. The Variety of Growth Experiences Copyright©2004 South-Western

23. The U.S. Government Debt

24. The Breakdown of the Population in 2001

25. Unemployment Rate since 1960

26. U.S. Real GDP Growth since 1900

27. An Adverse Shift in Aggregate Supply

28. Accommodating an Adverse Shift in Aggregate Supply

30. Energy & Economy

32. Future Energy Path?

33. Future Energy Price? (2002 $ per barrel)

34. Oil Price Forecasting

35. Energy & Economy