RELATIONSHIP BETWEEN GDP GROWTH AND OIL AND NATURAL GAS CONSUMPTION IN EU COUNTRIES
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Crude oil and natural gas, as energy carriers forming the basis of European Union countries energy mix, are nowadays at the heart of policy measurements aiming at lowering their consumption with respect to environmental and security threats associated with them. In this article we used Granger causality test in order to examine whether there exists the possibility of negative consequence related to the implementation of such policy for economic development of the EU countries. Based on results we conclude the persistence of continuing existence of environmental risks in relation to restarting economic growth. The absence of more significant influence of oil and gas consumption on economic growth can be perceived positively.
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