Putting the Current Oil Price Collapse into Historical Perspective

Jan Groen and Michael Nattinger

No 20200514, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: Since the outbreak of the COVID-19 pandemic in late January, oil prices have fallen sharply. In this post, we compare recent price declines with those seen in previous oil price collapses, focusing on the drivers of such episodes. In order to do that, we break oil price shocks down into demand and supply components, applying the methodology behind the New York Fed’s weekly Oil Price Dynamics Report.

Keywords: oil demand and supply; oil prices; COVID-19 (search for similar items in EconPapers)
JEL-codes: E2 F0 G1 (search for similar items in EconPapers)
Date: 2020-05-14
New Economics Papers: this item is included in nep-ene and nep-mac
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