This study examines the effect of oil and gas inventory announcements on energy prices. Previous estimates of this effect suffer from bias due to measurement error in inventory surprises. We utilize intraday futures data for three petroleum commodities and natural gas to estimate the price response coefficients using traditional event study regressions and the identification‐through‐censoring (ITC) technique proposed by Rigobon and Sack [Rigobon and Sack (2008). Asset prices and monetary policy (pp. 335–370). Chicago: University of Chicago Press]. The results show that the bias in OLS estimates of the price impact of inventory surprises is quite large. The ITC coefficient estimates are about twice as large as OLS estimates for petroleum commodities and about four times as large as OLS estimates for natural gas. These results imply that energy prices are more strongly influenced by unexpected changes in inventory than shown in previous research. © 2013 Wiley Periodicals, Inc. Jrl Fut Mark 34:911–933, 2014

This study examines residential solar photovoltaic (PV) adoption in mid-Atlantic counties over the 2005–2016 period. Using a spatial Durbin panel model, we find significant spatial dependence in residential solar PV adoption at the county level. In the presence of spatial dependence, major determinants of the solar adoptions are electricity rates and solar-related policy regulation. The combined direct and indirect effect of electricity rates on solar PV capacity is 5.37 percent increase for a 1 percent increase in electricity price. This spatial coefficient estimate is about twice as large as corresponding panel estimates. We also find that the regulation and incentives significantly boost solar PV demand, which explains about 38 percent variation in residential solar capacity.

a b s t r a c tThis study examines the effect of the state of the economy and inventory on interest-adjusted bases and expected returns for five energy commodities. We find that interest-adjusted bases and returns have a business cycle pattern. Consistent with the theory of storage, demand shocks near business cycle peaks generate negative interestadjusted bases and positive returns. In recessions, the bases become positive, and the average returns are negative. Our regression results also show that the interest-adjusted bases of energy commodities are counter-cyclical and the expected returns are pro-cyclical. For petroleum commodities, inventory has a significant effect on interest-adjusted bases at low levels of inventory, whereas at high inventory levels the effect of inventory on the bases is weak. Finally, we find that the bases and economic conditions predict spot returns in energy commodity markets.

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Coal and biomass to liquids (CBTL) technologies can produce synthetic fuels such as diesel and jet fuel with lower CO 2 emissions than petroleum-based fuels (NETL, 2009). Recent studies suggest perspectives of CBTL production of "affordable and low-carbon diesel fuel" on a large scale in the U.