"Role of Speculation in Short-Term US Crude Oil Prices and Gasoline Pri" by Leah Chinyere Norris. Abstract The objectives of this study were to analyze the short-run impact of futures contract prices on crude oil prices, the impact of crude oil prices on gasoline prices for consumers, and the effect of monetary policy interventions on the stability of the real price of oil for 2000-2008.
In this study I used three sets of multivariate VEC models to estimate these relationships. My results show that, after accounting for supply and demand conditions, crude oil prices increased with the introduction of futures contracts on oil. Congressional Research Service Reports - Miscellaneous Topics.