Research On The Dynamic Changes Of The Petroleum Product Consumption In Hunan And Its Regional Difference

In the petroleum and petrochemical industry,the consumption of petroleum products is the most common one,which has a direct impact on the lives of residents.Meanwhile,the petroleum product industry is also closely linked to the development of automobile manufacturing,transportation,and other industries,which also has a very close relationship with the national economy and security.At present,China’s economy has changed from high-speed growth to medium and high-speed growth,and the social economy has entered a new normal.Especially the rapid development of the new energy industry,which has reduced the growth rate of petroleum product consumption in the whole society,which has led to a shift in the petroleum product market from a supply shortage to relatively excess production capacity,which has affected the smooth operation of the industry.So,what are the main influencing factors of petroleum product consumption in Hunan? What are the roles of economic development,macro investment,industrial structure,urbanization level,vehicle penetration rate,and infrastructure perfection? These major issues which are related to the future development of the petroleum and petrochemical industry deserve our in-depth study.Based on a systematic study of the dynamic changes in petroleum product consumption in Hunan from 1990 to 2018,various factors affecting the petroleum product consumption in Hunan were analyzed,and it was found that petroleum product consumption in Hunan has regional characteristics.Through the Granger causality test and error correction model,it is confirmed that factors such as regional GDP,fixed asset investment level,industrial structure change,and urbanization level have a significant impact on petroleum product consumption in Hunan.Hunan Province ’s GDP,fixed asset investment,industrial structure change,and urbanization rate,each increase or decrease by 1%,then the petroleum product consumption will correspondingly increase or decrease by 1.233%,0.968%,1.198%,and 1.287%.Unlike the research results of other provinces,Hunan Province’s vehicle ownership and highway operating mileage have no significant impact on petroleum product consumption based on the sample in this paper.Through the application of regional panel data from 2008 to 2018,after empirical analysis of 4 regions including Changsha,Zhuzhou,and Xiangtan,it was found that the factor that is very significant for the petroleum product consumption in various regions of Hunan Province is the regional GDP,while the number of civilian vehicles is not very significant for the petroleum product consumption.Based on the above research,the following recommendations are put forward: For the petroleum product enterprises,they need to do a good job in serving the local economy,developing site users,speeding up network deployment,and upgrading operation models.For the competent department of the petroleum product industry,they need to promote coordination between the industry and the economy,actively create domestic demand,and scientifically plan outlets,and strive to promote the stable development of the market in Hunan Province,to make the amount of petroleum product consumption in Hunan better serve the local economic development.