Energy Price Shocks
Oil price shocks have been a recurring phenomenon since the 1970s. This article reviews alternative explanations of oil price shocks. It puts the evolution of the US price of crude oil into historical perspective and compares it with that of the price of coal and natural gas.
KeywordsOil Coal Natural gas History Shocks Price determinants
I thank Martin Stürmer for providing access to the annual energy price data used in this article. I have also benefitted from helpful discussions with Christiane Baumeister, Ryan Kellogg and Roger Fouquet, and the comments of a referee.
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