Non-Market Price Determinants of Fossil Energy Raw Materials

Technological changes related to, among others, the process of computerization of the economic space have an impact on raw material markets and their surroundings. Apart from classic economic factors shaping the prices of goods in connection with their production costs, the impact of factors not previously associated with stock exchange quotations of an exemplary barrel of crude oil or a cubic meter of natural gas is increasingly visible. Among these factors, the following were highlighted: speculation, changes in logistics, adoption of thesaurus values by fossil fuels, emissions trading, and political dependencies. The reasons behind the situation are complex and include the following: changes in the roles of the existing or emerging bodies and institutions, changes in legal regulations, new types of transactions, changes in the nature of stock exchange quotations, maladjustment of the legislative process to current needs, and destabilization of markets.