Pandemic, War, Inflation: Oil Markets at a Crossroads?

Abstract

Many thanks to Jim Hamilton for helpful comments, to Isaac Levi from the Centre for Research on Energy and Clean Air (CREA) for making the data on Russian shipments by destination available, and to Guillermo Verduzco-Bustos for excellent research assistance. This paper was written for the panel discussion on "Structural Change in Energy Markets and Implications for Inflation" at the ECB Forum on Central Banking, Sintra, June 26-28, 2023. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

Renewables, Energy Mix and Inflation in the European Union Countries

“…Energies 2023, 16, 7808 2 of 15 The energy shocks are widely described in the literature (see, e.g., [9][10][11][12][13][14][15]). Over most of the last two decades, the main source of energy price shocks has been the price of crude oil (gas prices have been much more stable than oil prices), but the 2022 crisis differs because of the extraordinary increase in the price of natural gas, which has had a differential and very strong impact on European countries [16,17].…”