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A review of the evidence on the relation between crude oil prices and petroleum product prices

Louis H. Ederington, Chitru S. Fernando, Seth A. Hoelscher, Thomas K. Lee and Scott Linn ()

Journal of Commodity Markets, 2019, vol. 13, issue C, 1-15

Abstract: We review a large body of the empirical literature focusing on the relation between petroleum product prices and oil prices and discuss the evidence on the direction of causality between crude oil prices and petroleum product prices. In addition, we survey the literature on the much-debated question of whether petroleum product prices respond differently to increases versus decreases in oil prices, which Bacon (1991) labeled the “rockets and feathers” phenomenon.

Keywords: Oil prices; Petroleum product prices; Energy economics; Commodities (search for similar items in EconPapers)
JEL-codes: G13 Q40 Q41 Q47 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jocoma:v:13:y:2019:i:c:p:1-15

DOI: 10.1016/j.jcomm.2018.09.002

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