Publications: Notes at the Margin

Oil Markets: Not for the Timid (August 5, 2019)


Oil prices experienced one of their largest declines in years last week, dropping $4 per barrel on Thursday. The decrease was caused by a President Trump tweet. This week’s report starts with a discussion of the market's changed status. Next, we move to IMO 2020, which remains the major issue for the future, and delve deeper into Indonesia's decision to not enforce the rule. Third, we expand our discussion of auto fuel economy and the implications of the conflict between the EPA and California standards. Finally, we discuss US gasoline consumption and consumer response to price in light of our updated analysis based on new data from the US Bureau of Economic Analysis.


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