Climate policies can target either the demand or the supply of fossil fuels. While demandside policies have been … analyzed in the literature and applied in policy-making, supply-side policies, e.g. deposit policies, are a promising option …

(FAVAR) model. We analyze the role of speculation in comparison to supply and demand forces as drivers of oil prices. The … price comovement between different commodities. We analyze whether speculation in the oil market played a key role in … main results are as follows: (i) While global demand shocks account for the largest share of oil price fluctuations …