Abstract
India’s crude oil consumption is expected to continue to increase, driven by economic growth and rising demand for transportation fuels. This will further boost India’s dependence on imported oil. The U.S. petroleum industry has several strengths, including its large resource base, technological expertise, and its access to capital. This paper analyses the association between economic conditions and the price of Crude Oil in a cross-country setting. The study uses a secondary data series of two prominent nations throughout 2013-2023. The analysis revealed a significant long-term price correlation between natural gas and crude oil, indicating a relationship between the prices of these energy commodities. The ramifications of the study’s conclusions hold significant relevance for investors and politicians. Investors should be aware that the cost of crude oil will likely be higher during economic uncertainty and inflation. Policymakers should also be mindful of Crude Oil’s role in the financial system and take steps to mitigate any potential risks.
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