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Higher Prices at the Gas Pump: International Crude Oil Price Fluctuations or Local Market Concentration? An Empirical Investigation

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  • Anindya Sen

    (Department of Economics, University of Waterloo)

Abstract

There is little consensus on whether higher retail gasoline prices in Canada are the result of international crude oil price fluctuations or local market power exercised by large vertically-integrated firms. I find that although both increasing local market concentration and higher average monthly wholesale prices are positively and significantly associated with higher retail prices, wholesale prices are more important than local market concentration. Similarly, crude oil prices are more important than the number of local wholesalers in determining wholesale prices. These results suggest that movements in gasoline prices are largely the result of input price fluctuations rather than local market structure.

Suggested Citation

  • Anindya Sen, 2002. "Higher Prices at the Gas Pump: International Crude Oil Price Fluctuations or Local Market Concentration? An Empirical Investigation," Working Papers 02001, University of Waterloo, Department of Economics, revised Jan 2002.
    • Handle: RePEc:wat:wpaper:02001
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