Abstract
We use panel data for the US states to examine the impact of largely exogenous oil and gas price shocks on economic growth. Unlike the rest of the literature, we examine the impacts of three different types of oil and gas price shocks, differentiating between positive and negative shocks to exporting and importing states. Most of the price shocks have small but highly statistically significant effects on state economies. In addition to impacting exporting and importing states in opposite directions, the absolute values of the impact on importers and exporters are often significantly different. At the same time, we do not find significant asymmetry in the effects of the positive and negative price shocks on the states on average. Spatial analysis reveals small but significant spillover effects arising from price shocks.
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