Pricey oil, cheap natural gas, and energy costs

Galina Hale and Fernanda Nechio

FRBSF Economic Letter, 2012, issue aug6

Abstract: Historically, oil and natural gas prices have moved hand in hand. However, in the past few years, while oil prices climbed to near record peaks, natural gas prices fell to levels not seen since the mid-1970s as a result of new hydraulic fracturing technology. U.S. consumer energy expenditures are still mainly driven by oil prices, so household energy bills got little relief as natural gas prices fell. Moreover, even though the United States has trimmed crude oil imports, they still equal a substantial share of gross domestic product.

Keywords: Natural gas; Petroleum products - Prices (search for similar items in EconPapers)
Date: 2012
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