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A review of the evidence on the relation between crude oil prices and petroleum product prices

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  • Ederington, Louis H.
  • Fernando, Chitru S.
  • Hoelscher, Seth A.
  • Lee, Thomas K.
  • Linn, Scott C.

Abstract

We review a large body of the empirical literature focusing on the relation between petroleum product prices and oil prices and discuss the evidence on the direction of causality between crude oil prices and petroleum product prices. In addition, we survey the literature on the much-debated question of whether petroleum product prices respond differently to increases versus decreases in oil prices, which Bacon (1991) labeled the “rockets and feathers” phenomenon.

Suggested Citation

  • Ederington, Louis H. & Fernando, Chitru S. & Hoelscher, Seth A. & Lee, Thomas K. & Linn, Scott C., 2019. "A review of the evidence on the relation between crude oil prices and petroleum product prices," Journal of Commodity Markets, Elsevier, vol. 13(C), pages 1-15.
    • Handle: RePEc:eee:jocoma:v:13:y:2019:i:c:p:1-15
    DOI: 10.1016/j.jcomm.2018.09.002
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    More about this item

    Keywords

    Oil prices; Petroleum product prices; Energy economics; Commodities;
    All these keywords.

    JEL classification:

    • G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General
    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices
    • Q47 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy Forecasting

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