We adopt time-series and cross-section methods to analyse long-term relationships between pairs of crude oil prices and assess how physical and institutional factors affect their speed of reaction to exogenous shocks. Using a methodological approach which does not require identifying specific...

This paper explores the relationship between domestic retail electricity prices in Great Britain and their determinants in the context of the New Electricity Trading Arrangements (NETA) introduced in 2001. We employ a consistent comparison of wholesale power price series before and after NETA,...

This paper analyses horizontal and vertical price dynamics in the EU petroleum markets. The results indicate that the cross-country price differentials have significant impact on the local price adjustments. We investigate the cross-national price spill-overs and find that the extent of the...

This paper employs a pair-wise approach to examine regional integration in the US gasoline market. Using gasoline price data at the state level over a period of more than two decades, we find strong support for the view that the law of one price holds in regional markets, as more than 80% of...