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Energy Price Shocks

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Abstract

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.

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Acknowledgments

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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  1. http://link.springer.com/referencework/10.1057/978-1-349-95121-5

    Lutz Kilian

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  1. Lutz Kilian
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Kilian, L. (2018). Energy Price Shocks. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_3008

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