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Pricey oil, cheap natural gas, and energy costs

Author

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  • Galina Hale
  • Fernanda Nechio

Abstract

Historically, oil and natural gas prices have moved hand in hand. However, in the past few years, while oil prices climbed to near record peaks, natural gas prices fell to levels not seen since the mid-1970s as a result of new hydraulic fracturing technology. U.S. consumer energy expenditures are still mainly driven by oil prices, so household energy bills got little relief as natural gas prices fell. Moreover, even though the United States has trimmed crude oil imports, they still equal a substantial share of gross domestic product.

Suggested Citation

  • Galina Hale & Fernanda Nechio, 2012. "Pricey oil, cheap natural gas, and energy costs," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue aug6.
    • Handle: RePEc:fip:fedfel:y:2012:i:aug6:n:2012-23
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    File URL: http://www.frbsf.org/publications/economics/letter/2012/el2012-23.html
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    Cited by:

    1. Vicente E. Montano & Rosalia T. Gabronino & Restie E. Torres, 2019. "The curious relationship between agricultural and energy price index: A Vector Error Correction Model (VECM) analysis approach," Journal of Administrative and Business Studies, Professor Dr. Usman Raja, vol. 5(3), pages 161-177.

    More about this item

    Keywords

    Natural gas; Petroleum products - Prices;

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