What is the effect of the 2008 economic crisis and the Covid-19 pandemic crisis on oil consumption in selected OECD countries?

The purpose of this research is to investigate and compare the impact of the two crises of the Covid-19 pandemic and the financial crisis of 2008 on energy consumption in selected OECD member countries.To do this, the econometric model of simultaneous equations system were used. The time this study focused on was from the beginning of the first season of 2008 to the end of the first season of 2009 as well as the beginning of the first season of 2020 to the beginning of the first season of 2021. The results show that the outbreak of the Covid-19 pandemic has directly reduced oil consumption, while the 2008 financial crisis has increased oil consumption, and both crises have increased the gross domestic product (GDP). On the one hand, the investigation of the indirect effects of the two crises shows that in both crises, the energy consumption of GDP increases, and during the Covid-19 crisis, the effect of oil consumption on GDP decreases, on the other hand, during the financial crisis of 2008, the effect of oil consumption on GDP increases. •The occurrence of the Covid-19 pandemic crisis has directly reduced oil consumption.•The financial crisis of 2008 has increased oil consumption.•The crisis of the Covid-19 pandemic and the financial crisis of 2008 have increased the amount of energy production.•The crisis of the Covid-19 pandemic has caused less oil to be consumed for a constant amount of production.