Contemporary structural models of the global market for crude oil jointly specify precautionary and speculative demand shocks as a composite shock, named a storage demand shock. We resolve this identification problem and examine the effects of these distinct shocks, along with conventional demand and supply shocks, on the global price of crude oil. We find that uncertainty driven precautionary demand for crude oil is, on average, the primary driver of real price of oil fluctuations that have previously been associated with storage demand shocks.

Key findings:

While electricity is a key to economic development, nearly 600 million people in sub-Saharan Africa live without electricity.

This study analyses the socioeconomic benefits of electrification in Uganda.

The findings show that grid connectivity increases the number of work hours, female employment, household expenditure (meaning that the household is able to buy more of the goods that it needs), and key educational outcomes. 

Furthermore, the benefits from grid connectivity increase with time.