Discussion Paper

Putting the Current Oil Price Collapse into Historical Perspective

Abstract: Since the outbreak of the COVID-19 pandemic in late January, oil prices have fallen sharply. In this post, we compare recent price declines with those seen in previous oil price collapses, focusing on the drivers of such episodes. In order to do that, we break oil price shocks down into demand and supply components, applying the methodology behind the New York Fed’s weekly Oil Price Dynamics Report.

Keywords: oil demand and supply; oil prices; COVID-19;

JEL Classification: E2; F0; G1;

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Bibliographic Information

Provider: Federal Reserve Bank of New York

Part of Series: Liberty Street Economics

Publication Date: 2020-05-14

Number: 20200514