We investigate the role of crude oil spot and futures prices in the process of price discovery by using a cost-of-carry model with an endogenous convenience yield and daily data over the period from January 1990 to December 2008. We provide evidence that futures markets play a more important...

This paper discusses three main approaches for analysing oil prices: non-structural models, the supplydemand framework, and the informal approach. Each approach emphasises a certain set of drivers of oil prices. While non-structural models rest on the theory of exhaustible resources, the...

This paper compares different results from a set of energy scenarios produced by international energy experts, in order to analyze projections on increasing European external energy dependence and vulnerability. Comparison among different scenarios constitutes the basis of a critical review of...