Author:
Publisher: DIANE Publishing
ISBN: 1428918760
Category : Gasoline
Languages : en
Pages : 52
Book Description
This report examines a recurring question about gasoline markets: why, especially in times of high price volatility, do retail gasoline prices seem to rise quickly but fall back more slowly? Do gasoline prices actually rise faster than they fall, or does this just appear to be the case because people tend to pay more attention to prices when they`re rising? This question is more complex than it might appear to be initially, and it has been addressed by numerous analysts in government, academia and industry. The question is very important, because perceived problems with retail gasoline pricing have been used in arguments for government regulation of prices. The phenomenon of prices at different market levels tending to move differently relative to each other depending on direction is known as price asymmetry. This report summarizes the previous work on gasoline price asymmetry and provides a method for testing for asymmetry in a wide variety of situations. The major finding of this paper is that there is some amount of asymmetry and pattern asymmetry, especially at the retail level, in the Midwestern states that are the focus of the analysis. Nevertheless, both the amount asymmetry and pattern asymmetry are relatively small. In addition, much of the pattern asymmetry detected in this and previous studies could be a statistical artifact caused by the time lags between price changes at different points in the gasoline distribution system. In other words, retail gasoline prices do sometimes rise faster than they fall, but this is largely a lagged market response to an upward shock in the underlying wholesale gasoline or crude oil prices, followed by a return toward the previous baseline. After consistent time lags are factored out, most apparent asymmetry disappears.
Price Changes in the Gasoline Market
Author:
Publisher: DIANE Publishing
ISBN: 1428918760
Category : Gasoline
Languages : en
Pages : 52
Book Description
This report examines a recurring question about gasoline markets: why, especially in times of high price volatility, do retail gasoline prices seem to rise quickly but fall back more slowly? Do gasoline prices actually rise faster than they fall, or does this just appear to be the case because people tend to pay more attention to prices when they`re rising? This question is more complex than it might appear to be initially, and it has been addressed by numerous analysts in government, academia and industry. The question is very important, because perceived problems with retail gasoline pricing have been used in arguments for government regulation of prices. The phenomenon of prices at different market levels tending to move differently relative to each other depending on direction is known as price asymmetry. This report summarizes the previous work on gasoline price asymmetry and provides a method for testing for asymmetry in a wide variety of situations. The major finding of this paper is that there is some amount of asymmetry and pattern asymmetry, especially at the retail level, in the Midwestern states that are the focus of the analysis. Nevertheless, both the amount asymmetry and pattern asymmetry are relatively small. In addition, much of the pattern asymmetry detected in this and previous studies could be a statistical artifact caused by the time lags between price changes at different points in the gasoline distribution system. In other words, retail gasoline prices do sometimes rise faster than they fall, but this is largely a lagged market response to an upward shock in the underlying wholesale gasoline or crude oil prices, followed by a return toward the previous baseline. After consistent time lags are factored out, most apparent asymmetry disappears.
Publisher: DIANE Publishing
ISBN: 1428918760
Category : Gasoline
Languages : en
Pages : 52
Book Description
This report examines a recurring question about gasoline markets: why, especially in times of high price volatility, do retail gasoline prices seem to rise quickly but fall back more slowly? Do gasoline prices actually rise faster than they fall, or does this just appear to be the case because people tend to pay more attention to prices when they`re rising? This question is more complex than it might appear to be initially, and it has been addressed by numerous analysts in government, academia and industry. The question is very important, because perceived problems with retail gasoline pricing have been used in arguments for government regulation of prices. The phenomenon of prices at different market levels tending to move differently relative to each other depending on direction is known as price asymmetry. This report summarizes the previous work on gasoline price asymmetry and provides a method for testing for asymmetry in a wide variety of situations. The major finding of this paper is that there is some amount of asymmetry and pattern asymmetry, especially at the retail level, in the Midwestern states that are the focus of the analysis. Nevertheless, both the amount asymmetry and pattern asymmetry are relatively small. In addition, much of the pattern asymmetry detected in this and previous studies could be a statistical artifact caused by the time lags between price changes at different points in the gasoline distribution system. In other words, retail gasoline prices do sometimes rise faster than they fall, but this is largely a lagged market response to an upward shock in the underlying wholesale gasoline or crude oil prices, followed by a return toward the previous baseline. After consistent time lags are factored out, most apparent asymmetry disappears.
Price Changes in the Gasoline Market
Gasoline price changes the dynamic of supply, demand, and competition.
Author:
Publisher: DIANE Publishing
ISBN: 1428950044
Category : Gasoline
Languages : en
Pages : 166
Book Description
Publisher: DIANE Publishing
ISBN: 1428950044
Category : Gasoline
Languages : en
Pages : 166
Book Description
Price Changes in the Gasoline Market
Author: United States Government Printing Office
Publisher:
ISBN: 9780160635601
Category :
Languages : en
Pages : 59
Book Description
Publisher:
ISBN: 9780160635601
Category :
Languages : en
Pages : 59
Book Description
Energy Prices
Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Gasoline
Languages : en
Pages : 68
Book Description
Publisher:
ISBN:
Category : Gasoline
Languages : en
Pages : 68
Book Description
Recent Increases in Gasoline Prices
Author: United States. Congress. Senate. Committee on Energy and Natural Resources
Publisher:
ISBN:
Category : Gasoline
Languages : en
Pages : 112
Book Description
Publisher:
ISBN:
Category : Gasoline
Languages : en
Pages : 112
Book Description
Gas Prices
Author: United States. Congress. Senate. Committee on Governmental Affairs. Permanent Subcommittee on Investigations
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 754
Book Description
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 754
Book Description
Effects of Gasoline Prices on Driving Behavior and Vehicle Markets
Author: David Austin
Publisher: Government Printing Office
ISBN:
Category : Business & Economics
Languages : en
Pages : 60
Book Description
Gasoline prices and driving behavior. Volume of traffic ; Speed of traffic ; Applicability of findings to other regions of the United States -- Gasoline prices and vehicle markets. Market shares for cars and light trucks ; Gasoline prices and vehicle market status ; Changes in new vehicle fuel economy and pricing ; Changes in the used vehicle market -- Study data -- Analytical approach and economic results.
Publisher: Government Printing Office
ISBN:
Category : Business & Economics
Languages : en
Pages : 60
Book Description
Gasoline prices and driving behavior. Volume of traffic ; Speed of traffic ; Applicability of findings to other regions of the United States -- Gasoline prices and vehicle markets. Market shares for cars and light trucks ; Gasoline prices and vehicle market status ; Changes in new vehicle fuel economy and pricing ; Changes in the used vehicle market -- Study data -- Analytical approach and economic results.
Dynamic Pricing in Retail Gasoline Markets
Author: Severin Borenstein
Publisher:
ISBN:
Category : Gasoline
Languages : en
Pages : 50
Book Description
This paper tests for price patterns in retail gasoline markets consistent with those predicted by models of implicit collusion among firms. Recent supergame models show that the highest supportable collusive price is a function of today's profit relative to expected future profit: collusive prices are higher when predictable changes in demand or cost lead firms to expect that collusive profits are increasing rather than declining. Ceteris paribus, collusive profits will be expected to increase when demand is expected to increase and/or costs are expected to decline. Using panel data on sales volume, and retail and wholesale prices in 59 cities over 72 months, we find results consistent with these predictions. Controlling for current demand and input price, the elasticity of current retail margins with respect to expected next-month demand is about 0.37. The elasticity of current margins with respect to next-month wholesale price is about -0.37. The results are inconsistent with inventory effects.
Publisher:
ISBN:
Category : Gasoline
Languages : en
Pages : 50
Book Description
This paper tests for price patterns in retail gasoline markets consistent with those predicted by models of implicit collusion among firms. Recent supergame models show that the highest supportable collusive price is a function of today's profit relative to expected future profit: collusive prices are higher when predictable changes in demand or cost lead firms to expect that collusive profits are increasing rather than declining. Ceteris paribus, collusive profits will be expected to increase when demand is expected to increase and/or costs are expected to decline. Using panel data on sales volume, and retail and wholesale prices in 59 cities over 72 months, we find results consistent with these predictions. Controlling for current demand and input price, the elasticity of current retail margins with respect to expected next-month demand is about 0.37. The elasticity of current margins with respect to next-month wholesale price is about -0.37. The results are inconsistent with inventory effects.
Gasoline
Author: United States. Congress. House. Committee on Government Reform. Subcommittee on Energy and Resources
Publisher:
ISBN:
Category : Technology & Engineering
Languages : en
Pages : 140
Book Description
Publisher:
ISBN:
Category : Technology & Engineering
Languages : en
Pages : 140
Book Description