This study investigates the relationship of the U.S. industrial production with West Texas Intermediate crude oil and Henry Hub natural gas prices. It determines the time-varying asymmetric relationship of crude oil, natural gas and industrial production from 1986 to 2018 by using Maximum Overlap Discrete Wavelet Transform and Quantile Regression. The U.S. industrial production has a short-term supply-driven link with crude oil prices and a demand-driven link with natural gas prices. In medium term, both crude oil and natural gas prices exhibit a demand-driven link. While in the long term both natural gas and crude oil demonstrates an asymmetric relationship with industrial production. The results help the U.S. economic policymakers and all stakeholders in terms of applying a mix kind of energy policy, including conventional and non-conventional energy resources. Overall, the study provides new dimensions to the current literature by analyzing the relationship of crude oil prices, natural gas prices and industrial production growth by concentrating upon the time-frequency domain of the economic cycle.

这项研究调查了美国工业生产与西德克萨斯中质原油和亨利·哈伯天然气价格之间的关系。它使用最大重叠离散小波变换和分位数回归来确定1986年至2018年原油，天然气和工业生产的时变不对称关系。美国的工业生产与原油价格具有短期的供应驱动关系，与天然气价格具有需求的驱动关系。从中期来看，原油和天然气价格都表现出需求驱动的联系。从长期来看，天然气和原油与工业生产之间都表现出不对称的关系。结果有助于美国经济政策制定者和所有利益相关者采用混合能源政策，包括常规和非常规能源。总体而言，该研究通过集中于经济周期的时频域来分析原油价格，天然气价格和工业生产增长之间的关系，为当前文献提供了新的维度。