Region Focus

Third Quarter 2011

Volatility at the Pump: Where do high gas prices come from?

Gas prices have fluctuated over the past few years. What drives prices at the pump? Two-thirds of the price is determined by the price crude oil brings on the world market.

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Related Links

Hamilton, James. "Historical Oil Shocks," National Bureau of Economic Research Working Paper No. 16790, February 2011.

Hamilton, James. "Will high oil prices bring a new recession?" "Econbrowser" blog, May 4, 2011.

Hughes, Jonathan E., Christopher R. Knittel and Daniel Sperling. "Evidence of a Shift in the Short-Run Elasticity of Gasoline Demand," National Bureau of Economic Research Working Paper No. 12530, September 2006.

The U.S. Energy Information Agency analyzes the influences on oil markets

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