How stable is relationship between US petroleum imports and economic growth?

Abstract

In this paper, we empirically examine the long-run and short-run dynamics of the US gross national product and petroleum imports for the last three decades. We find evidence of a long-run relationship between gross domestic national product and petroleum imports, but only a fragile one. Similarly there is a significant feedback (long-term) effect from petroleum imports to gross national product and vice versa. This feedback is fairly significant. However, the short-term effect is highly significant, but there is a relatively slow response from the values of gross national product to petroleum imports. Therefore, the link between US gross national product and petroleum imports is fragile in the long run.