The Covid-19 Pandemic and the Impact of Passenger air Transport in Europe on Crude Oil Prices in Terms of Economic Security

Abstract

The study presents a multidimensional comparative analysis of two dependent variables: the number of passengers transported by air in 28 European countries and the price of one barrel of crude oil in dollars. The conducted analysis shows that in the historical data concerning the identical periods (months) in both tested series, dependencies can be found. This allowed for the construction of a zero-one multiple regression model in order to confirm the impact of the number of passengers travelling by air on the price of one barrel of crude oil and describe this phenomenon with an analytical function.