The Development of Crude Oil and Natural Gas Prices and the Energy Security of the European Union eBook

In this book, the researchers focus on the accurate analysis of the developments, events, and turns that each of the oil and gas markets have gone through since the beginning of the 1970s. They take advantage of their long experience as economists to independently analyze the factors driving oil and gas prices and the role of the main players in these markets to influencing supply and demand based on quantitative and qualitative analysis. The authors use time series analysis and mathematical models to obtain independent scientific results. It is clear that geopolitical events had an active and prominent role in the movement of oil and gas prices in the global markets. Naturally, geopolitical events affected prices in an indirect way more than directly, and that is on the supply factor, which in turn mostly affected the rise in oil and gas prices. There are many examples of this, including the two oil price crises in the 1970s, the natural gas supply crises of 2009 and 2014, and the military conflict in Ukraine.