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Estimating the Impact of Refinery Outages on Petroleum Product Prices

Author

Listed:
  • M. Kendix
  • W. D. Walls

    (University of Calgary)

Abstract

We quantify the impact of refinery outages on petroleum product prices. The empirical analysis focuses on wholesale gasoline prices in the US using weekly data collected from January 2002 through September 2008, a period including many refinery outages. We match refinery unit output to specific wholesale gasoline markets, and then estimate panel data regressions to quantify the impact of refinery unit outages on wholesale gasoline prices while controlling for time-specific effects, city-specific effects, fuel-specific effects, refinery concentration, and other factors that could impact the price of refined petroleum products. The estimation results show that refinery outages have a statistically significant positive impact on refined product prices, and that the magnitude of this effect is larger for certain special fuel blends. Policy implications are discussed.

Suggested Citation

  • M. Kendix & W. D. Walls, "undated". "Estimating the Impact of Refinery Outages on Petroleum Product Prices," Working Papers 2010-12, Department of Economics, University of Calgary, revised 01 Jun 2010.
    • Handle: RePEc:clg:wpaper:2010-12
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    Cited by:

    1. Saeed Shavvalpour & Hossein Khanjarpanah & Farhad Zamani & Armin Jabbarzadeh, 2017. "Petrochemical Products Market and Stock Market Returns: Empirical Evidence from Tehran Stock Exchange," Iranian Economic Review (IER), Faculty of Economics,University of Tehran.Tehran,Iran, vol. 21(2), pages 383-403, Spring.
    2. Kaufmann, Robert K. & Schroer, Colter, 2023. "Social and environmental events disrupt the relation between motor gasoline prices and market fundamentals," Energy Economics, Elsevier, vol. 126(C).
    3. Bin Li & Mohan Venkatachalam, 2022. "Leveraging Big Data to Study Information Dissemination of Material Firm Events," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 60(2), pages 565-606, May.
    4. Holmes, Mark J. & Otero, Jesús & Panagiotidis, Theodore, 2013. "On the dynamics of gasoline market integration in the United States: Evidence from a pair-wise approach," Energy Economics, Elsevier, vol. 36(C), pages 503-510.
    5. Ederington, Louis H. & Fernando, Chitru S. & Hoelscher, Seth A. & Lee, Thomas K. & Linn, Scott C., 2019. "Characteristics of petroleum product prices: A survey," Journal of Commodity Markets, Elsevier, vol. 14(C), pages 1-15.
    6. Zavaleta, Armando & Walls, W.D. & Rusco, Frank W., 2015. "Refining for export and the convergence of petroleum product prices," Energy Economics, Elsevier, vol. 47(C), pages 206-214.
    7. Xinming Du, 2023. "Symptom or Culprit? Social Media, Air Pollution, and Violence," CESifo Working Paper Series 10296, CESifo.

    More about this item

    JEL classification:

    • L71 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Hydrocarbon Fuels
    • Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy

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