能源供應和糧食及國家安全問題已經成為一個關鍵的問題。過度使用化石燃料的負面影響日益帶來環保意識，因此尋找替代能源，以滿足持續增長的能源需求也越來越重要。

此外，價格波動破壞化石燃料的能源安全問題和使得進口成本持續增加。為了應對這些趨勢，世界各地的政府正在推動具有再生性和碳中性特質的生物燃料─即衍生自澱粉和糖為基礎之植物的乙醇及衍生自能源作物和動物脂肪的生物柴油。

本研究之研究目的主要探討棕櫚油和原油價格之間的關聯性是否會影響馬來西亞國內能源政策的執行和實施是否會影響。引用馬來西亞國際棕櫚油CIF Rotterdam價格及Tapis國際原油馬來西亞FOB價格，研究期間為 2000年4月1日至2015年3月31日。

本研究使用Johansen 共整合檢定和單根檢定，實證結果發現只有樣本四的油價格和原油價格之間存在共整合關係。除此之外，馬來西亞國內能源政策的執行與頒布，相對於京都議定書(國際政策)的強制執行，加強了棕櫚油價格與原油價格之間的關係。因此，本文建議馬來西亞應將棕櫚油需求市場的生質能源與食品加工部門做明顯的劃分，並擬定政策作為維護措施，以避免原油價格上漲而影響糧食作物價格。

Energy supply and energy security issues have become a crucial problem. With the negative effects of excessive use of fossil fuels brought growing environmental awareness, finding alternative energy as their substitutions to fulfill increasing energy demand is getting important.

Compounding these issues, volatile price for fossil fuels are undermining energy security and eroding balances of payments by escalating the cost of energy imports. As part of their response to these convergent trends, many governments across the world are promoting biofuels with characteristic of Carbon Neutral and renewable – namely ethanol derived from plant-based starches and sugars, and biodiesel derived from oil crops and animal fats.

The purpose of this study was to investigate whether the execution and implementation of Malaysia's domestic energy policies will affect the relationship between palm oil and crude oil prices. International Malaysia Crude Palm Oil prices with the term of CIF Rotterdam and Malaysia Tapis Crude Oil prices with the term of FOB Malaysia were used as data, data observation start from date April 1, 2000 to March 31, 2015.

Johansen Co-integration analysis and Unit Roots Test were adopted in this study, the empirical results show that only Sample Four exist a co-integration between the crude oil and palm oil prices. Empirical results show that Malaysia promulgation and implementation of the new energy policy and the enforcement of "Kyoto Protocol", strengthen the relationship between the prices of palm oil and crude oil prices. Therefore, this study recommend that the Malaysian government should be clearly divided the market demand for palm oil to biomass energy and food processing, and the implementation of policy as a safeguard measure to cope with rising crude oil prices affect the price of food crops.

Abdullah, R. & Mohd. B. W. (2009). World Palm oil Supply, Demand, Price and
Prospects: Focus on Malaysian and Indonesian Palm Oil Industry. Malaysia
Palm Oil Board (MPOB), Malaysia.

Baffes, J. (2007). Oil Spills on Other Commodities. The World Bank, Policy
Research Working Paper 4333.

Baharumshah, A. Z. & Tan, H. B. (2001). Efficiency in the Malaysian Crude Palm Oil
Market. Asia Pacific Journal of Economics & Business, Vol. 5 No. 1, pp.119-150.

Ballinger, A., Dwyer Jr., G. P. & Gillette, A. B. (2004). Trading Institutions and Price
Discovery: The Cash and Futures Markets for Crude Oil. FRB of Atlanta Working Paper No. 2004-28, U.S.

Caporale, G. M., Ciferri, D. & Girardi, A. (2010). Time-Varying Spot and Futures
Oil Price Dynamics. CESifo Working Paper Series No. 3015, DIW Berlin Discussion Paper No. 988, U.K.

Chinn, M.D., LeBlanc, M. & Coibion, O. (2001). The Predictive Characteristics
of Energy Futures: Recent Evidence for Crude Oil, Natural Gas, Gasoline and Heating Oil. UCSC Economics Working Paper No. 490, University of
Wisconsin, U.S.

Considine, T. J. & Larson, D. F. (1996). Uncertainty and the Price for Crude Oil
Reserves. World Bank Policy Research Working Paper WPS 1655, RPO 679-23.

Dickey, D.A., Fuller, W.A., (1979). Distribution of the Estimators for Autoregressive
Time Series with a Unit Root. Journal of the American Statistical Association, 74, 417–431.

Elliott, K. (2008). Biofuels and the Food Price Crisis: A Survey of the Issues.
Policy Research Organization Center for Global Development and Peterson Institute for International Economics, Working Paper No. 151.

EIA. (2013). Country analysis briefs. Retrieved February 5, 2014, from
http://www.eia.gov/countries/analysisbriefs/Thailand/thailand.pdf

EIA. (2014). Country analysis briefs. Retrieved February 5, 2014, from
http://www.eia.gov/countries/analysisbriefs/Indonesia/indonesia.pdf

Engle, R., & Granger, C., (1987). Co-integration and error correction: representation,
estimation, and testing. Econometrica, 55,251 – 276.

Feng, X. B., Lin, X. W. & Ho, D. (2003). Spillover Effects in the Malaysian Palm Oil
Futures and Cash Markets. Malaysian Journal of Economic Studies,Vol.40 No.1, pp.89-103.

French, M. W. (2005). Why and When do Spot Prices of Crude Oil Revert to
Futures Price Levels? FEDS Working Paper No. 2005-30, Board of Governors of the Federal Reserve System, Washington. U.S.

FoE, Friends of the Earth 2004, “Press release December 24th 2004--Carbon
Emissions Trading Scheme starts without UK on board”, http://www.foe.co.uk/resource/press_releases/carbon_emissions_trading_s_ 24122004.html

Galeotti, M., Lanza, A., & Pauli, F. (2006). Reassessing the environmental Kuznets
curve for CO2 emissions: A robustness exercise. Ecological Economics, 57(1),
152-163.

Granger, C. W. J. (1969). Investigating Causal Relations by Econometric Models and
Cross-spectral Methods. Econometrica, 37 (3), 424–438.

Granger, C. W. J. & Newbold, P. (1974). Spurious regressions in econometrics.
Journal of econometrics, 2, 111-120.

Granger, C. W. J., (1988). Some recent developments in a concept of causality. J
Econ, 39, 199 – 211

Harris, R. I. D. (1995). Using Cointegration Analysis in Econometric Modelling. New
York: Prentice Hall.

Hoffman, L., Irwin, S. H. & Toasa, J. (2006). Forecast Performance of Futures
Price Models for Corn, Soybeans, and Wheat. U.S. Department of Agriculture,
Economic Research Service, Market and Trade Economics Division.

IEA and ERIA. (2013). Southeast Asia energy outlook. Retrieved March 22, 2014 from http://www.iea.org/publications/freepublications/publication/SoutheastAsiaEnergyOutlook_WEO2013SpecialReport.pdf.

Khor, C. S., & Lalchand, G. (2014). A review on sustainable power generation in
Malaysia to 2030: Historical perspective, current assessment, and future strategies. Renewable and Sustainable Energy Reviews, 29, 952-960.

Krichene, N. (2005). A Simultaneous Equations Model for World Crude Oil and
Natural Gas Markets. IMF Working Paper No. 05/32, International Monetary
Fund (IMF) - African Department.

Lanza, A., Manera, M. & Giovannini, M. (2003). Oil and Product Price Dynamics in
International Petroleum Markets. Fondazione Eni Enrico Mattei (FEEM), FEEM
Working Paper No. 81, Milan, Italy.

Liew, K. Y. & Brooks, R. D. (1998). Returns and Volatility in the Kuala Lumpur
Crude Palm Oil Futures Market. The Journal of Futures Markets, Vol. 18, Nol. 8, pp.985-999.

Manera, M. & Grasso, M. (2005). Asymmetric Error Correction Models for the
Oil-Gasoline Price Relationship. FEEM Working Paper No. 75.05, Milan, Italy.

Malaysia Palm Oil Board, http://www.mpob.gov.my/.

MBA, http://wiki.mbalib.com/zh-tw/MBA.

McAleer, M., Chang, C. L. & Tansuchat, R. (2009). Forecasting Volatility and
Spillovers in Crude Oil Spot, Forward and Futures Markets. http://ssrn.com/abstract=1402164

McAleer, M., Chang, C. L. & Tansuchat, R. (2009). Modelling Long Memory
Volatility in Agricultural Commodity Futures Returns. http://ssrn.com/abstract=1491890

Mohd. Arshad, F. & Mohamed, Z. (1994). Price Discovery through Crude Palm Oil
Futures: An Economic Evaluation. Paper proceedings on Third Annual Congress
on Capitalizing the Potentials of Globalization-Strategies and Dynamics of
Business, International Management Development Association (IMDA) and
Universiti Sains Malaysia, pp.73-92.

Oh, W., & Lee, K. (2004). Causal relationship between energy consumption and GDP
revisited: The case of Korean 1970-1999. Energy Economic, 26(1), 51-59.

Pesaran, M. H., Shin Y., & Smith R., (2001). Bounds testing approaches to the
analyses of level relationships. Journal of Applied Econometrics, 16, 289-326.

Peñaranda, F. & Micola, A. R. (2009). The Emergence of Biofuels and the
Co-Movement Between Crude Oil and Agricultural Prices. Universitat Pompeu
Fabra , Barcelona. http://ssrn.com/abstract=1505392

Peterson H. H. & Tomek, W. G. (2005). How much of commodity price behavior can
a rational expectations storage model explain? Journal of Agricultural
Economics, Vol .33, pp.289–303.
SIMS, et al. (2006). Energy crops: current status and future prospects. Global Change
Biology Journal, Vol .12, pp.2054–2076.

Schwert, G. W. (1987). Effects of model specification on test for unit roots in
macroeconomic data. Journal of Monetary Economics, 20(1), 73-103.

Shahbaz, M., Mutascu, M., & Azim, P. (2013).Environmental Kuznets curve in
Romania and the role of energy consumption. Renewable and Sustainable
Energy Reviews, 18, 165-173.

SIMS, et al. (2006). Energy crops: current status and future prospects. Global Change Biology Journal, Vol .12, pp.2054–2076.

Social Science Research Network, SSRN, http://www.ssrn.com/.

Suganthi, L., & Samuel, A. A. (2012).Energy models for demand forecasting—A
review. Renewable and Sustainable Energy Reviews, 16(2), 1223-1240.

The Government of Malaysia’s Official Portal, http://www.malaysia.gov.my/.

Voituriez, T. (2000, August). What Explain Price Volatility Changes in Commodity
Markets? Answers from The World Palm-oil Market. Journal Agricultural
Economics, Vol .25, pp.295-301. Paper presented at the Congress of the
International Association of Agricultural Economist, Berlin (Germany).

Wikipedia, http://zh.wikipedia.org/wiki/.

World Bank, http://www.worldbank.org/.

Yahaya, J., Ahmad, S. & Kennedy, S. W. (2006). Impacts of Biodiesel Development
on the Palm Oil Industry. Malaysian Journal of Economic Studies, Vol .43,
No.1&2, pp. 113-140.

Zainudin, R. & Shaharudin, R. (2009). Structural Breaks in Spot and Futures
Crude Palm Oil Returns. Paper presented at 22nd Australasian Finance and Banking Conference 2009, UNSW Sydney, Australia.