Energy use is behind virtually everything a person comes into contact with. The energy industry has rapidly expanded and become increasingly interdependent. In developed economies, the increase in energy consumption indicates a reliance on energy and its related products for continued and sustainable economic growth and development. Developing economies also rely on the development of energy resources to drive their growth. Energy was once viewed just as a utility, and an enabler with limited consumer interest, but now, it is key in the struggle for sustainable future economic growth  .
Energy prices, which are largely linked to oil prices, are a major concern for most economies. The recent financial crises and their ripple effects and after shocks have been largely unprecedented in terms of timing, speed and magnitude of impact on the world economies. Forecasting of crude oil prices is important for better investment and risk management and policy development, and econometric models are the most commonly used.