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The Relationship Between Refined Product Imports and Refined Product Prices in the United States

John J Gonzales

Year: 1985
Volume: Volume 6
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol6-No3-5
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Abstract:
Since the Organization of Petroleum Exporting Countries (OPEC) emerged in the early 1970s as a dominating force in the world petroleum market, much effort has been devoted to investigating the relationship between U.S. demand for crude oil imports, the world price of crude oil, and the domestic price of crude oil.' Little attention has been paid, however, to the role of refined product imports in the U.S. market. My purpose is to fill this gap through an empirical investigation of the "competitiveness" of refined product imports in the domestic market. The focus will be on the motor gasoline, residual fuel oil, middle distillates, and jet fuel markets, as these four products account for most domestic product consumption.



A Short-Run Model of Petroleum Product Supply

Timothy J. Considine

Year: 1992
Volume: Volume 13
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol13-No2-4
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Abstract:
This paper presents a monthly econometric model of petroleum refining supply in the United States. The model is derived using a multiproduct restricted cost function with adjustment costs. The Euler equations are used to estimate the convenience yield from holding inventories. Short-run petroleum product prices are closely related to crude oil costs but the responses vary by product. Shipments and inventory levels are also important factors in short-run price determination. An examination of the distillate fuel oil price surge of December 1989 and the Exxon Valdez accident of March 1989 suggest that shifts in the derived demand for crude oil may be a major factor in the transmission of demand shocks to product prices.





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