driver of the real price of oil. The focus of this paper is not only on correcting some misunderstandings in the recent …

We study the efficacy of releases from the U.S. Strategic Petroleum Reserve (SPR) within the context of fully specified … the SPR contributed to the variability in the real price of oil? Second, how much would a one-time exogenous reduction in … the SPR lower the real price of oil? Third, are exogenous SPR releases partially or fully offset by increases in private …

We propose a new instrument for estimating the price elasticity of gasoline demand that exploits systematic differences … across U.S. states in the pass-through of oil price shocks to retail gasoline prices. We show that these differences are … transportation infrastructure, refinery technology, and environmental regulations, creating cross-sectional gasoline price shocks in …

shocks on the tax revenues. A decline in oil rents following negative oil price shocks cease to have any significant positive …

We present a new dataset that tracks changes in legal ownership regimes in the petroleum sector between 1867 and 2008 … change in the petroleum sector leads to more oil and gas exploration and discoveries. On average, switching to majority … discoveries. Petroleum exploration and discoveries may thus be endogenous to industry-specific institutional change …

. Equity, commodity, and distillate markets positively price returns, and equity market risk and returns are higher than for …

Oil market VAR models have become the standard tool for understanding the evolution of the real price of oil and its …

There has been much interest in the relationship between the price of crude oil, the value of the U.S. dollar, and the … U.S. interest rate since the 1980s. For example, the sustained surge in the real price of oil in the 2000s is often … exchange rate shocks in driving the real price of oil, and we examine the extent to which shocks in the global oil market drive …

Using time-varying BVARs, we find that oil price increases caused by oil supply shocks did not affect food commodity … and minerals commodity prices in recent periods, as well as a stronger impact on the own price compared to earlier decades …. This (simultaneous) time variation of commodity price dynamics cannot be explained by the biofuels revolution and is more …