Impact of high oil prices on the economy potx

© OECD/IEA 2012




Impact of high oil prices on the economy
© OECD/IEA 2012
Annual expenditure on net imports of oil
1.4%
1.4%
1.9%
1.5%
3.7%
2.7%
2.5%
3.1%
3.0%
5.6%
0
100
200
300
400
500
600
European
Union
United
States
China Japan India
Billon dollars (2012)

1990-2010
(average)
2011
2012
2.7%
2.7%
3.2%
3.2%
5.9%
% Share of GDP
The cost of oil imports is set to hit record levels in 2012, with OECD spending reaching 2.3% of
GDP & each additional $10 increase in the oil price raising this by 0.2 percentage points
© OECD/IEA 2012
0
100
200
300
400
500
600
700
2009 2010 2011
Billion USD
Gas
Oil
2.1%
2.7%
3.3%
Europe: rising energy prices compound the
pain of austerity

EU spending on imports was almost two-thirds higher in 2011 than 2009 as a result of
higher international oil prices & oil-indexed gas prices
Cost of net imports of oil and gas in the European Union
EU’s net import bills
% Share of GDP
Debt of Greek government
(end of 2011)
© OECD/IEA 2012
Fukushima adds to the economic
impact of higher oil prices in Japan
The shutdown of most nuclear plants has created electricity shortages & pushed up
spending on oil & gas imports, which in turn has led to Japan’s 1
st
trade deficit in decades
Cost of net imports of oil and gas in Japan
% Share of GDP
Japan’s net import bills
Billion USD
0
50
100
150
200
250
2009 2010 2011
Gas
Oil
2.4%
2.9%
3.9%

© OECD/IEA 2012
As China continues to grow, the impact of
high energy prices is keenly felt
China’s spending on oil & gas imports more than doubled between 2009 and 2011 as a
result of higher energy prices & increased import volumes
0
50
100
150
200
250
2009
2010
2011
Billion USD
Gas
Oil
% Share of GDP
China’s net import bills
Cost of net imports of oil and gas in China
1.9%
2.4%
2.9%