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<p>Our economic system is based on the consumption of oil and its derivatives for a very long time. Far from ending this status quo, certain institutions warn that by 2050 the demand for fossil fuels will remain stable at around 70% out of total. Energy dependence on fossil fuels has an unprecedented impact on consumer prices, financial markets and several industries. One of these, transportation, is the largest oil-consuming industry, with more than 50 million barrels of crude oil consumed daily. According to this data, oil prices are expected to impact the transportation. However, the literature continues failing to give a clear answer about that. From Random Matrix Theory approach, the main goal is to analyze whether the price of oil, natural gas and their derivatives really affect the financial performance of two transportation sub-sectors (Passenger Transportation Services and Freight &amp; Logistics Services) globally. Contrary to much of the previous literature, the extracted results reveal that the prices of oil, natural gas and its derivatives to not affect stock prices of the transportation industry. Through an approach not employed so far, the extracted results allow to continue the debate on the influence of oil prices, thus giving a different perspective that allows policy-makers, shareholders and investors to make a better decision on the industry under study.</p>

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Do oil prices impact on transportation? Evidence from random matrix theory

  • 期刊论文

  • 发表日期：

    2025年4月1日

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  • Antonio Garcia-Amate,
  • Laura Molero-Gonzalez,
  • Miguel Angel Sanchez-Granero,
  • Juan Evangelista Trinidad-Segovia

摘要

Our economic system is based on the consumption of oil and its derivatives for a very long time. Far from ending this status quo, certain institutions warn that by 2050 the demand for fossil fuels will remain stable at around 70% out of total. Energy dependence on fossil fuels has an unprecedented impact on consumer prices, financial markets and several industries. One of these, transportation, is the largest oil-consuming industry, with more than 50 million barrels of crude oil consumed daily. According to this data, oil prices are expected to impact the transportation. However, the literature continues failing to give a clear answer about that. From Random Matrix Theory approach, the main goal is to analyze whether the price of oil, natural gas and their derivatives really affect the financial performance of two transportation sub-sectors (Passenger Transportation Services and Freight & Logistics Services) globally. Contrary to much of the previous literature, the extracted results reveal that the prices of oil, natural gas and its derivatives to not affect stock prices of the transportation industry. Through an approach not employed so far, the extracted results allow to continue the debate on the influence of oil prices, thus giving a different perspective that allows policy-makers, shareholders and investors to make a better decision on the industry under study.