A Simultaneous Equations Model for World Crude Oil and Natural Gas Markets

A Simultaneous Equations Model for World Crude Oil and Natural Gas Markets
A model for world crude oil and natural gas markets is estimated. It confirms low price and high income elasticities of demand for both crude oil and natural gas, which explains the market power of oil producers and price volatility following shocks. The paper establishes a relationship between oil prices, changes in the nominal effective... READ MORE...

Publication date: February 2005
ISBN 9781451860511
$15.00

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