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Do Gasoline Prices Respond Asymmetrically to Crude Oil Price Changes?

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  • Borenstein, Severin
  • Cameron, A Colin
  • Gilbert, Richard

Abstract

The authors test and confirm that retail gasoline prices respond more quickly to increases than to decreases in crude oil prices. Among the possible sources of this asymmetry are production/inventory adjustment lags and market power of some sellers. By analyzing price transmission at different points in the distribution chain, the authors attempt to shed light on these theories. Spot prices for generic gasoline show asymmetry in responding to crude oil price changes, which may reflect inventory adjustment effects. Asymmetry also appears in the response of retail prices to wholesale price changes, possibly indicating short-run market power among retailers. Copyright 1997, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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Bibliographic Info

Article provided by MIT Press in its journal Quarterly Journal of Economics.

Volume (Year): 112 (1997)
Issue (Month): 1 (February)
Pages: 305-39

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Handle: RePEc:tpr:qjecon:v:112:y:1997:i:1:p:305-39

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Web page: http://mitpress.mit.edu/journals/

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Web: http://mitpress.mit.edu/journal-home.tcl?issn=00335533

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  1. Competition in the Georgian Retail Gasoline Market
    by Michael Fuenfzig in The ISET Economist on 2012-10-05 10:14:58
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