Oil Price Fluctuations And The Impact On Social Development In Jiangsu Province

Oil is the scarcity of non-renewable resources, which related to economy and social development. Jiangsu is a large economy province but short in energy resources. For the higher degree of dependence on foreign oil, oil prices have an obvious effect on social development. On the basis of the depth study of influences oil price fluctuations exerting to the social development, this paper provides an effective response strategy for sustainable economic and social development, which has a great theoretical and practical significance.Main contents of this paper are as follows:(1) On the basis of system analysis of the history track of home and abroad oil prices, the characteristics of the oil fluctuating prices, their interaction relations and development trend, the paper takes apart a profound analysis of the relationship between oil price and social developments.(2) The paper analyses the effects of oil price fluctuations exerting on the lives of local residents in Jiangsu, from food prices, housing prices and transport sectors.(3) The paper makes a regression analysis of the relationships between the increase rate of domestic crude oil prices and the ex-factory price index of industrial oil products, the ex-factory price index of industrial oil products and the consumer price index of Jiangsu Province. The results show that the ex-factory price index of industrial oil products in Jiangsu Province has a more sensitive respond to oil price fluctuations than the national level. The increase rate of the ex-factory price of industrial products and the consumer price index has a certain relationship, but lagging one year the consistency is more obvious.(4) The paper conducts co-integration analysis on domestic crude oil prices and the consumer price index Jiangsu Province, then making an empirical comparison with Shanxi Province and Shanghai. The results show that the fluctuations of consumer price index can be explained by domestic oil prices some of the largest in Shanghai, followed by Jiangsu and Shanxi, which is in line with the structure of energy consumption and the actual situation.(5) The paper presents the influence of the rising oil prices on the auto industry and consumer impact. Rising oil prices cause the cost of upgrading the production car, and inhibit the production and sale. And the future of small emission, economic cars will be more optimistic about the market.(6) In summary of the main conclusions, the paper sets forth strategies for sustainable development of oil consumption according to the actual situation against Jiangsu. Adjust the industrial structure and establish provincial-type structure; Implement oil import substitution strategy to save oil; actively develop renewable energy and new energy, and optimize the energy consumption structure.