Considine, Timothy J.; Larson, Donald F. - Economics Research, World Bank Group - 1996
persistent backwardation in crude oil prices. This finding may also explain the wide discrepancies between Hotelling values and … condition embodies the Hotelling principle and Kaldor's convenience yield, and includes a premium on the dispersion in crude oil … prices. The empirical results suggest that returns to storage contain both a cost-reducing component and often sizable …