原油价格与石油产品价格外文翻译文献中英文最新Word文件下载.docx
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原油价格与石油产品价格外文翻译文献中英文最新Word文件下载.docx
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Areviewoftheevidenceontherelationbetweencrudeoilpricesandpetroleumproductprices
LouisEderington,ChitruFernando
Abstract
Wereviewalargebodyoftheempiricalliteraturefocusingontherelationbetween
petroleumproduct
pricesandoilpricesanddiscusstheevidenceonthedirectionof
causality
betweencrudeoilpricesandpetroleumproductprices.Inaddition,wesurveytheliteratureonthemuch-debatedquestionofwhetherpetroleumproductpricesresponddifferentlytoincreasesversusdecreasesinoilprices,whichBacon(1991)labeledthe“rocketsandfeathers”phenomenon.
Keywords:
Oilprices,Petroleumproductprices,Energyeconomics,Commodities
1.
Introduction
Thissurveyisthefirstofatwo-partseriesthatreviewstheextantempiricalevidenceregardingthebehaviorof
petroleumproductfuturesprices.Hereinwereviewtheliteraturefocusingontherelationbetweenpetroleumproductpricesandoilprices.Inthecompanionreview(Ederingtonet
al.,2018a),weturntothegeneraldistributionalcharacteristicsofpetroleumproductprices,theinfluenceoffundamentalfactorssuchasrefineryoutagesandweatheronproductprices,thewaythatpricediscoveryoccursforpetroleumproductprices,thepredictiveaccuracyofpetroleumproductfuturespricesforfuturespotprices,andtheimpactofspeculationonpetroleumproductprices.
Crudeoilisthe“mainingredient”inrefinedpetroleumproducts.Twoprimaryhypothesesregardingthecausalrelationbetweenoilpricesandpetroleumproductpriceshavebeenpresentedintheliterature.Thefirstarguesthattheprimarycausalrelationrunsfromoilpricestoproductprices(seethesurveyof
FreyandManera,2007;
U.S.EnergyInformationAdministration,2014)andrestsonthehypothesisthatthemarginalpriceofabarrelofapetroleumproductshould,inprinciple,bedeterminedbythehighestmarginalcostofoilused.Analternativeisthat
runsintheoppositedirection(Verleger,1982,
2011;
Baumeisteret
al.,2018).Thedirectionofcausalityhasimportantimplicationsfortheregulationandorganizationofthesemarketsandthefacilitationoftrade.Numerousauthorsinvestigatingthelinksbetweenoilpricechangesandproductpricechangeshavetakenthedirectionofcausationasagivenandassumedthatthedominantchannelisfromoilpricestoproductprices.However,recentevidencesuggeststhatcausalitymayrunfromproductpricestooilprices.Whetherthereisacausallinkrunningfromproductpricestooilpriceshasreceivedlimitedalthoughincreasingattention(Ascheet
al.,2003;
Kaufmannet
al.,2009;
Kilian,2010;
BilginandEllwanger,2017;
al.,2018).Theevidencesupportingthefirsthypothesisrestsgenerallyontheanalysisofdatameasuredatamonthlyorweeklyfrequency,whereassupportforthealternativehypothesisrestsgenerallyonthebehaviorofdatameasuredataquarterlyorlongerfrequency.
Oneimportantpartofthedialogueabouttheshort-termconnectionbetweenoilpricesandpetroleumproductpricesisthespeedandmagnitudeofproductprices'
responsetochangesinoilprices.Thisresponseisoftenreferredtoasthe“rocketsandfeathers”phenomenon,aphrasecoinedby
Bacon(1991)
todescribethefastriseresponseingasolinepricestoincreasesinoilpricesandtheslowfallasoilpricesdecline.Thisquestionformsthebasisofalong,ongoingdebateaboutwhethergasolineprices(andotherproductprices)respondmorestronglyandquicklytooilpriceincreasesthantooilpricedecreases.Pricesofrefinedpetroleumproductssuchasgasolineandheatingoilhavelongbeenafocalpointofinteresttoindividualconsumers,industrialproducersandconsumers,aswellaspublicpolicymakersandacademics.Whengasolinepricesarerising,thereismuchpopularconsternation.Allegationsofcollusiononthepartofretailsellersaswellas
predatorypricing
arecommon.Forinstance,hearingsconductedbytheU.S.SenateCommitteeonEnergyandNaturalResourcesemphasizedthemission“Toexploretheeffectsofongoingchangesindomesticoilproduction,refininganddistributiononU.S.gasolineandfuelprices.”
Nodoubtasaconsequenceoftheregulatoryandantitrustattentionfocusedonthisindustry,alargeempiricalliteraturestudyinggasolinepriceshasdeveloped.
Hereinwereviewtheevidenceregardingcausalityandthewaysthatpetroleumproductpricesrespondtoincreasesordecreasesinoilprices.Aspartofourreview,wealsoexaminetheempiricalevidenceonwhichmarket-determinedoilpriceservesastheprincipalbenchmarkforproductprices.
2.
Petroleumproductprices
2.1.
Crudeoilpricesandproductprices
Heatingoil,gasoline,andfueloilareallrefinedfromcrudeoil.Thepricesof
petroleumproducts
areinextricablylinkedtothepriceofcrud
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