There is really a big politics in each and every country. In my country oil is the major thing that drives the government. So, when the crude oil price increases in the global market the same will be made within the country. When there is decrease in the price per barrel, the same won't be applicable. Here common people need to make protests and several other contempts, only after hard opposition we'll experience a small drop in the price.
When we make such efforts and lower the price, once again the global price per barrel increases and the same will be imposed on the price. In specific the price is not a big thing, it is the tax that makes oil more expensive.
Topic: Crude Oil drops below $100 - page 7. (Read 1242 times)
we have also subsidized gasoline, there are about 120 Liters per month we can adquire at a very cheap price, almost symbolic
Are you rationed to the 120 litres or is that just what you can get for the discounted rate there?
but it is still significantly expensive compared to where it was just over a year ago.
That's right.I'm happy to see it rolled back but still we need to get back from where it was before or even close at it even with a gain. With my calculations, we're still near half from where it is right now and from where it was a year ago.
How far would you expect it to fall though? I doubt we'll ever be back down to pandemic levels, somewhere around £1.20/€1.4/$1.4-£1.4/$1.7/€1.7 per litre would be around where I'd expect it to stabilise if there is enough supply and a dip in demand (due to the prices being high and also maybe less travelling after the summer - for the northern hemisphere at least).
Have you seen any significant drop in gas prices in your area? Will oil drop even further, despite the ongoing war?
In the case of Venezuela, we still have a price of 0,50 $/ Liter, since 2020 when we started to have problems with our oil-processing infrastructure (added to our already existing problems of extraction), now we have also subsidized gasoline, there are about 120 Liters per month we can adquire at a very cheap price, almost symbolic, adquiring subsidized gas can be very simple or take a bit of work the day prior the purchase, depending on where one lives.
Oil prices mostly impact of national budget rather than our gas prices.
but it is still significantly expensive compared to where it was just over a year ago.
That's right.I'm happy to see it rolled back but still we need to get back from where it was before or even close at it even with a gain. With my calculations, we're still near half from where it is right now and from where it was a year ago.
I guess there will be a long series of decrease per week until we reaches back there once again. As the price of oil drops, hopefully it gets consistent each week below $100.
Who cares the fall of crude oil in Nigeria Delta. From the onset of 1956 when crude oil was found in Niger Delta region the federal government and the State Governments have not Developed the area compared to the abundant natural resources it has produced in the country. I even prefer there is no crude oil in Nigeria. Let me shock you. There are 3 Deltas in the whole world. One is in China then American Mississippi Delta and finally, Niger Delta in Nigeria, China and America Developed their Deltas to the standard level but Niger Delta in Nigeria is left over to decay. In fact it is a squalor in Nigeria and crude oil is found and exploring in this dark area of the country. If I wish there is no crude oil in Niger Delta. The GDP produces in the area is more than her population yet it is the most poverty region in the history of Nigeria. There crude oil price has nothing to do with this part of the world.
We've experienced rollback after rollback of petrol prices here in our country but it is still significantly expensive compared to where it was just over a year ago. We're still sitting @ $5 a gallon even though we've already had some rollbacks in the past two weeks. Hopefully it doesn't stay at its current levels and still go down further, but the supply is still not enough to cover around the world and we all know historically that when gas prices come up, they come down so long.
Crude oil has dropped below $100, the first time in months after touching the highest level since 2009, at $130/barrel. Oil prices have dropped the past two months, with both Brent and WTI Crude trending below the $100 level ($91 for WTI and $97 for Brent oil). According to Oilprices.com, consumers have already seen a slight relief in gas prices, dropping from the historic average of $5/gallon down to $4.16.
Haven't checked in other European countries, but in Greece it has only dropped a few cents till now, I'm expecting it to drop within the next week though (from €2.45 to €2.20 in my area at least). It is believed that oil could fall below $90 if inflation persists, something which is highly unlikely to change since it simply keeps rising, driving leading to large price increases in basic necessary goods.
Have you seen any significant drop in gas prices in your area? Will oil drop even further, despite the ongoing war?
Haven't checked in other European countries, but in Greece it has only dropped a few cents till now, I'm expecting it to drop within the next week though (from €2.45 to €2.20 in my area at least). It is believed that oil could fall below $90 if inflation persists, something which is highly unlikely to change since it simply keeps rising, driving leading to large price increases in basic necessary goods.
Have you seen any significant drop in gas prices in your area? Will oil drop even further, despite the ongoing war?
There's a common saying when it comes to gas prices, the price goes up like a rocket and floats slowly down like a feather. There is actually a strong correlation between oil prices hitting record highs and a recession following shortly after, but there is a lot going on around the world right now so it's hard to gauge what will happen. Inflation is going sky high as well in many countries, which stifles demand but Covid caused a lot of disruption. You just have to wonder when any pent up savings and demand left over from the Covid effect will wear out. China is also struggling at the moment, which is reducing demand, because of this zero-covid policy causing a lot of lockdowns. It's a really unpredictable environment right now.
The main concern is the rising inflation, which isn't going to stop anytime soon, everyday goods are seeing major price increases day by day.
Yes!
There has been I think two or three weeks of continuous roll back and that's what I need to see more of it. If the trend for oil goes down, I'm sure that there will be a massive domino effect and hopefully it goes to the other industry players that they'll have a roll back as well.
Since with all of the rates have went high, I know that when it comes to roll back prices of goods there's a slight difficulty. But, if the trend goes on, I hope that most of these companies will have a consideration and follow the trend as well of decrease in price.
There has been I think two or three weeks of continuous roll back and that's what I need to see more of it. If the trend for oil goes down, I'm sure that there will be a massive domino effect and hopefully it goes to the other industry players that they'll have a roll back as well.
Since with all of the rates have went high, I know that when it comes to roll back prices of goods there's a slight difficulty. But, if the trend goes on, I hope that most of these companies will have a consideration and follow the trend as well of decrease in price.
Crude oil has dropped below $100, the first time in months after touching the highest level since 2009, at $130/barrel. Oil prices have dropped the past two months, with both Brent and WTI Crude trending below the $100 level ($91 for WTI and $97 for Brent oil). According to Oilprices.com, consumers have already seen a slight relief in gas prices, dropping from the historic average of $5/gallon down to $4.16.
Haven't checked in other European countries, but in Greece it has only dropped a few cents till now, I'm expecting it to drop within the next week though (from €2.45 to €2.20 in my area at least). It is believed that oil could fall below $90 if inflation persists, something which is highly unlikely to change since it simply keeps rising, driving leading to large price increases in basic necessary goods.
Have you seen any significant drop in gas prices in your area? Will oil drop even further, despite the ongoing war?
Haven't checked in other European countries, but in Greece it has only dropped a few cents till now, I'm expecting it to drop within the next week though (from €2.45 to €2.20 in my area at least). It is believed that oil could fall below $90 if inflation persists, something which is highly unlikely to change since it simply keeps rising, driving leading to large price increases in basic necessary goods.
Have you seen any significant drop in gas prices in your area? Will oil drop even further, despite the ongoing war?
There's a common saying when it comes to gas prices, the price goes up like a rocket and floats slowly down like a feather. There is actually a strong correlation between oil prices hitting record highs and a recession following shortly after, but there is a lot going on around the world right now so it's hard to gauge what will happen. Inflation is going sky high as well in many countries, which stifles demand but Covid caused a lot of disruption. You just have to wonder when any pent up savings and demand left over from the Covid effect will wear out. China is also struggling at the moment, which is reducing demand, because of this zero-covid policy causing a lot of lockdowns. It's a really unpredictable environment right now.
Have you seen any significant drop in gas prices in your area?
From what I know, in Romania the price has dropped some 10 eurocents (maybe even less than that) from the price we had some 2-3 weeks ago.
But, also from what I know, the drop in the international prices for oil is seen here in the gas prices some 10-14 days later, so let's give them a little more time.
Will oil drop even further, despite the ongoing war?
This is hard to tell, but I would expect that OPEC strikes some deals and adjusts the flow in a way the prices stabilize at the levels agreed (between the members of OPEC and big players like US).
While they do want to earn as much as possible, they also know that if they ruin everybody, then they won't have customers on the long term.
Crude oil has dropped below $100, the first time in months after touching the highest level since 2009, at $130/barrel. Oil prices have dropped the past two months, with both Brent and WTI Crude trending below the $100 level ($91 for WTI and $97 for Brent oil). According to Oilprices.com, consumers have already seen a slight relief in gas prices, dropping from the historic average of $5/gallon down to $4.16.
Haven't checked in other European countries, but in Greece it has only dropped a few cents till now, I'm expecting it to drop within the next week though (from €2.45 to €2.20 in my area at least). It is believed that oil could fall below $90 if inflation persists, something which is highly unlikely to change since it simply keeps rising, driving leading to large price increases in basic necessary goods.
Have you seen any significant drop in gas prices in your area? Will oil drop even further, despite the ongoing war?
Haven't checked in other European countries, but in Greece it has only dropped a few cents till now, I'm expecting it to drop within the next week though (from €2.45 to €2.20 in my area at least). It is believed that oil could fall below $90 if inflation persists, something which is highly unlikely to change since it simply keeps rising, driving leading to large price increases in basic necessary goods.
Have you seen any significant drop in gas prices in your area? Will oil drop even further, despite the ongoing war?
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