President Bush declared America “addicted to oil” in his fifth State of the Union address, uttering what is now a common refrain used to urge the development of alternative fuel sources. Before progress can be made to modernize the U.S. fuel mix, though, it is important to consider how and...

Liberalization of energy sector and the ensuing creation of new markets for carbon emissions have increasingly triggered a need for understanding the volatility and correlation structure between carbon, energy and financial markets. This paper documents the existence of structural changes in...

We construct a uniquely detailed, comprehensive dataset of trader positions in U.S. energy futures markets. We find considerable changes in the make-up of the open interest between 2000 and 2010 and show that these changes impact asset pricing. Specifically, dynamic conditional correlations...

This paper analyzes energy use and CO2 emissions of more than 78,000 German industrial establishments between 1995 and 2006. It is the first study to exploit exceptionally rich energy data that were recently matched to official micro datasets. We document that both energy use and intensity are...

This paper studies the effect of energy market integration (EMI) on foreign direct investment (FDI). EMIs diminish energy uncertainty and price volatility in the host country and affect FDI through two channels: first, by harmonizing energy prices and, second, by reducing price dispersion. FDI...

This study examines the impact of uncertainty on mergers and acquisition (M&A) activity. We focus on product market uncertainty in the oil and gas sector. Analysing this industry enables us to construct a natural forward-looking measure of product market uncertainty, namely the implied crude oil...

This paper constitutes a first analysis on stock returns and stock return volatility of energy corporations from the Eurozone. According to our results, the gas market does not play a role for the pricing of Eurozone energy stocks. However, changes in the Euro to U.S. Dollar exchange rate as...

Randal O'Toole reviews Robert Bruegmann's SPRAWL.Richard Gordon reviews Jan Kalicki and David Goldwyn's ENERGY AND SECURITY.George Leef reviews Joseph Vranich's END OF THE LINE.Richard Gordon reviews James Griffin and Stephen Puller's ELECTRICITY DEREGULATION

Demand response - changing prices to reduce consumption at peak demand - creates value when it encourages electricity consumers to reduce load at peak times by either curtailing energy-using activities or shifting them to off-peak times. Load that is reduced during times when the power system...

This paper examines the dynamics of the relationship between the prices of crude oil and of refined products. Theory insinuates some kind of dynamic equilibrium to govern these relations but we suspect that this equilibrium condition may be subject to changes over time. In Brent-based spreads...