The role of speculation in oil markets: What have we learned so far?

Lutz Kilian, Bassam Fattouh, Lavan Mahadeva, 26 March 2012

What caused the price of oil to surge in 2003–08? CEPR DP8916 assesses – and finds little evidence for – the popular view that ‘speculation’ drives oil price shocks. Economic fundamentals, the authors argue, are still the main determinants.

Vox readers can download CEPR Discussion Paper 8916 for free here.

Journalists are entitled to free DP downloads on request; please contact pressoffice@cepr.org. To learn more about subscribing to CEPR's Discussion Paper Series, please visit the CEPR website.

Journalists are entitled to free DP downloads on request; please contact pressoffice@cepr.org. To learn more about subscribing to CEPR's Discussion Paper Series, please visit the CEPR website.

URL: http://www.cepr.org/DP8916
Topics: Energy, International finance
Tags: Economic fundamentals, oil price shocks, speculation

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