Long-run relations and short-run dynamics among coal, natural gas and oil prices
We examine the long-run relations and short-run dynamics among the three primary energy prices-coal, natural gas and crude oil-using the annual and monthly US data for the post-1970 period. The results are consistent with the view that oil prices are determined globally; natural gas prices are determined regionally and coal prices are set by long-term contracts.
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Document Type: Research Article
Affiliations: Department of Economics, Illinois State University, Normal, IL, USA
Publication date: 2011-01-01