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Putting the Current Oil Price Collapse into Historical Perspective

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Abstract

Since the outbreak of the COVID-19 pandemic in late January, oil prices have fallen sharply. In this post, we compare recent price declines with those seen in previous oil price collapses, focusing on the drivers of such episodes. In order to do that, we break oil price shocks down into demand and supply components, applying the methodology behind the New York Fed’s weekly Oil Price Dynamics Report.

Suggested Citation

  • Jan J. J. Groen & Michael Nattinger, 2020. "Putting the Current Oil Price Collapse into Historical Perspective," Liberty Street Economics 20200514, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:87972
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    Cited by:

    1. Wheeler,Collette Mari & Baffes,John & Kabundi,Alain Ntumba & Kindberg-Hanlon,Gene & Nagle,Peter Stephen Oliver & Ohnsorge,Franziska Lieselotte, 2020. "Adding Fuel to the Fire : Cheap Oil during the COVID-19 Pandemic," Policy Research Working Paper Series 9320, The World Bank.

    More about this item

    Keywords

    oil demand and supply; oil prices; COVID-19;
    All these keywords.

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • F0 - International Economics - - General
    • G1 - Financial Economics - - General Financial Markets

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