Fuel prices hitting an eight year high - page 10.

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Quote from: Ultegra134 on December 01, 2021, 12:04:56 PM

Quote from: Sithara007 on November 30, 2021, 09:58:48 PM

Quote from: Ultegra134 on November 28, 2021, 05:16:27 AM

Quote from: Sithara007 on November 27, 2021, 09:17:33 PM

LOL.. Brent Crude crashed by 12% in a day, to end up at $72.72.

https://oilprice.com/oil-price-charts/#prices

Covid destroyed the combined efforts of Biden, OPEC and Putin. And at last, some good news for the oil consuming nations. But I need to see the long term impact. If the prices dip further, then the shale oil producers (especially in regions like Eagle Ford, Permian, Sugarkane and Bakken) are going to cut down on their future production plans. And this in turn will result in a scarcity in near future.

Yup, I was also tremendously surprised too but on the other hand, I kind of expected it. Austria has already imposed a full lockdown, Germany is possibly going that way too, and especially now with the new virus strain, it's definitely going to crash even further. I use my car on a daily basis (university, work, groceries etc.), spending more than 120 euros per month just on petrol, it's way too much.

It went down even further. Brent crude is now trading at $70.57 per barrel. Ideally the oil consuming countries should make use of this opportunity to accumulate as much oil as possible. When oil was trading at $40-$50 per barrel, a lot of them thought that the prices will remain like that for the long term and never bothered to increase the strategic reserves. Then all of a sudden the prices went up by 100% and everyone was scrambling for oil. Here in India, we are yet to witness any additional lockdown measure. There is no spike in the number of new infections, from what I have seen.

It even went down further, yesterday if I'm not mistaken, below $70, at approximately $68-$69. However, we're yet to see any difference in gasoline prices here, at least where I live. My best guess is that there are still reserves bought at a higher price.

No quarantine measures have taken place in Greece either, despite the increasing number of cases, however, I believe that fuel prices will slowly subside, due to the new variant.

This indicates everyone faces the same issue all over the world. Here all other products' price as well has gone high blaming gas and fuel price have increased. The other main reason for the hike is said to be the Pandamic business loss. I mean, all goods businessmen tend to say that they have lost so much during the lock down and to equalize that, the price is increased they say. But everyone's salary remains the same!. Really not able to shout out on this issue.

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Quote from: Sithara007 on November 30, 2021, 09:58:48 PM

Quote from: Ultegra134 on November 28, 2021, 05:16:27 AM

Quote from: Sithara007 on November 27, 2021, 09:17:33 PM

LOL.. Brent Crude crashed by 12% in a day, to end up at $72.72.

https://oilprice.com/oil-price-charts/#prices

Covid destroyed the combined efforts of Biden, OPEC and Putin. And at last, some good news for the oil consuming nations. But I need to see the long term impact. If the prices dip further, then the shale oil producers (especially in regions like Eagle Ford, Permian, Sugarkane and Bakken) are going to cut down on their future production plans. And this in turn will result in a scarcity in near future.

Yup, I was also tremendously surprised too but on the other hand, I kind of expected it. Austria has already imposed a full lockdown, Germany is possibly going that way too, and especially now with the new virus strain, it's definitely going to crash even further. I use my car on a daily basis (university, work, groceries etc.), spending more than 120 euros per month just on petrol, it's way too much.

It went down even further. Brent crude is now trading at $70.57 per barrel. Ideally the oil consuming countries should make use of this opportunity to accumulate as much oil as possible. When oil was trading at $40-$50 per barrel, a lot of them thought that the prices will remain like that for the long term and never bothered to increase the strategic reserves. Then all of a sudden the prices went up by 100% and everyone was scrambling for oil. Here in India, we are yet to witness any additional lockdown measure. There is no spike in the number of new infections, from what I have seen.

It even went down further, yesterday if I'm not mistaken, below $70, at approximately $68-$69. However, we're yet to see any difference in gasoline prices here, at least where I live. My best guess is that there are still reserves bought at a higher price.

No quarantine measures have taken place in Greece either, despite the increasing number of cases, however, I believe that fuel prices will slowly subside, due to the new variant.

Sithara007

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Quote from: Ultegra134 on November 28, 2021, 05:16:27 AM

Quote from: Sithara007 on November 27, 2021, 09:17:33 PM

LOL.. Brent Crude crashed by 12% in a day, to end up at $72.72.

https://oilprice.com/oil-price-charts/#prices

Covid destroyed the combined efforts of Biden, OPEC and Putin. And at last, some good news for the oil consuming nations. But I need to see the long term impact. If the prices dip further, then the shale oil producers (especially in regions like Eagle Ford, Permian, Sugarkane and Bakken) are going to cut down on their future production plans. And this in turn will result in a scarcity in near future.

Yup, I was also tremendously surprised too but on the other hand, I kind of expected it. Austria has already imposed a full lockdown, Germany is possibly going that way too, and especially now with the new virus strain, it's definitely going to crash even further. I use my car on a daily basis (university, work, groceries etc.), spending more than 120 euros per month just on petrol, it's way too much.

It went down even further. Brent crude is now trading at $70.57 per barrel. Ideally the oil consuming countries should make use of this opportunity to accumulate as much oil as possible. When oil was trading at $40-$50 per barrel, a lot of them thought that the prices will remain like that for the long term and never bothered to increase the strategic reserves. Then all of a sudden the prices went up by 100% and everyone was scrambling for oil. Here in India, we are yet to witness any additional lockdown measure. There is no spike in the number of new infections, from what I have seen.

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Quote from: jaberwock on November 28, 2021, 04:20:50 PM

Dollar prices of fuel increasing is also a terrible situation for nations who have weak fiat against dollar as well. People do not consider the added costs of that problem. I have to say it is very difficult for a nation that loses value constantly and then the fuel prices increase at the same time as well. That means while you are getting poor because of your own fiat, you are getting even poorer on top of that because oil prices in dollar increased as well.

It is not really something that I would see a get out of, like what could you even possibly do when the case is that strong and that dire? What is a solution to that? Better people than me tried and failed so I have no idea how to do it.

Another rather narrow issue is local fuel pricing, market monopolization, cartel collusion. This significantly more affects the local fuel price than market fluctuations in the price of crude oil. For example, we have that oil is falling, that it is growing, the price of gasoline is only growing

At the same time, suppliers shrug their shoulders and each time they give out some regular explanations why when the price of oil decreases, we do not observe a decrease in the price of gasoline. No, I do not demand that the price of gasoline be reduced on the same day, I understand that this batch is still from that expensive one, but when a batch of cheap oil comes to an oil refinery, should they get gasoline with a lower cost at the exit?
PS I'm already seriously starting to think about buying a Tesla in exchange for my current device with a 4-liter gasoline engine

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Dollar prices of fuel increasing is also a terrible situation for nations who have weak fiat against dollar as well. People do not consider the added costs of that problem. I have to say it is very difficult for a nation that loses value constantly and then the fuel prices increase at the same time as well. That means while you are getting poor because of your own fiat, you are getting even poorer on top of that because oil prices in dollar increased as well.

It is not really something that I would see a get out of, like what could you even possibly do when the case is that strong and that dire? What is a solution to that? Better people than me tried and failed so I have no idea how to do it.

Ultegra134

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Quote from: Sithara007 on November 27, 2021, 09:17:33 PM

LOL.. Brent Crude crashed by 12% in a day, to end up at $72.72.

https://oilprice.com/oil-price-charts/#prices

Covid destroyed the combined efforts of Biden, OPEC and Putin. And at last, some good news for the oil consuming nations. But I need to see the long term impact. If the prices dip further, then the shale oil producers (especially in regions like Eagle Ford, Permian, Sugarkane and Bakken) are going to cut down on their future production plans. And this in turn will result in a scarcity in near future.

Yup, I was also tremendously surprised too but on the other hand, I kind of expected it. Austria has already imposed a full lockdown, Germany is possibly going that way too, and especially now with the new virus strain, it's definitely going to crash even further. I use my car on a daily basis (university, work, groceries etc.), spending more than 120 euros per month just on petrol, it's way too much.

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LOL.. Brent Crude crashed by 12% in a day, to end up at $72.72.

https://oilprice.com/oil-price-charts/#prices

Covid destroyed the combined efforts of Biden, OPEC and Putin. And at last, some good news for the oil consuming nations. But I need to see the long term impact. If the prices dip further, then the shale oil producers (especially in regions like Eagle Ford, Permian, Sugarkane and Bakken) are going to cut down on their future production plans. And this in turn will result in a scarcity in near future.

CaVO32

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Quote from: Lubang Bawah on November 21, 2021, 05:31:05 AM

Oil will always be an important issue in the world, various policies to be able to suppress oil prices are not effective because the use of oil continues to increase and cannot be controlled, many countries do not want to develop alternative energy because most oil companies are state-owned so it will be a loss if the state also develops alternative energy massively.

This is why the experience of oil users vary from all parts of the world. It depends on their government how they tackle this issue. But those oil-rich countries are enjoying the spotlight because there will always be consumers across the globe. And somehow, they can dictate their price because people need it.

Quote from: Ultegra134 on November 27, 2021, 06:58:49 PM

There hasn't been any change in fuel prices in the past 1-2 weeks, here in Greece. However, I've observed a downward trend on Crude Oil, which is rapidly losing in value, closing at approximately $73/barrel. Are we coming to an end, regarding tremendously expensive fuel prices? Lets shall wait and see, in the near future.

https://www.investing.com/commodities/brent-oil

This situation may vary from country to country. But good for those who are residing in your area but in my area, the fuel prices are continuously increasing. Checking the fuel prices around the globe, I didn't expect that Venezuela has the lowest gasoline price here.

https://www.globalpetrolprices.com/gasoline_prices/

Ultegra134

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There hasn't been any change in fuel prices in the past 1-2 weeks, here in Greece. However, I've observed a downward trend on Crude Oil, which is rapidly losing in value, closing at approximately $73/barrel. Are we coming to an end, regarding tremendously expensive fuel prices? Lets shall wait and see, in the near future.

https://www.investing.com/commodities/brent-oil

P.S I'm now reading that its drop is possibly caused by the new Covid-19 virus strain, which is threatening the oil demand.

https://www.ft.com/content/8e13522e-70e0-462a-bf15-476c9e0a0cec

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Quote from: LUCKMCFLY on November 24, 2021, 04:39:54 PM

You are right, for now Venezuela has no salvation, is that I think that even if oil were to reach the powerful sum of $ 1k per barrel, it would be even poorer, because the government's thinking is to give everything away to Cuba, Nicaraguaa and all those Countries that share their political ideology, corruption is extreme, there is no way it can be solved, what people do is try to survive with a business that they can start, apart from the fact that services are very limited and every day lacks quality Like electricity, water, telephone, here what is being extracted is oil, but everything goes to China and Russia.

Well, if the government of the country, instead of taking real steps to get the economy out of the crisis, play some idiotic games in order to "take revenge" on someone. As practice shows, the result of such merrymaking leads to a sad result, and in this case - most likely to further destruction of the economy. Handing out a friendly pat on the shoulder, a key resource, is an absolutely idiotic idea. We must remember that those who "pat on the shoulder" historically always use them to their advantage, and as soon as Venezuela becomes uninteresting, they will immediately turn away from it and pretend that they do not know it.
But let me remind you once again - a stupid president, this is just a "catalyst for problems", but the problem itself is of a systemic nature, and it is called a resource-based economy ...

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Quote from: DrBeer on November 20, 2021, 06:01:44 AM

Quote from: LUCKMCFLY on November 19, 2021, 03:53:23 PM

Precisely an oil country such as Venezuela, which has production everywhere, has to import gasoline, for the simple fact that those who are operating with oil are not able to process their own gasoline, when at a time the best Gasoline in the world with the best octane was produced by Venezuela, now the gasoline they bring is Iranian, which means that Iran, due to this production, is obtaining one of its highest income due to its process,

I am very surprised by a peculiarity, that as time passes, they continue with the dependence on gasoline for most cars, they were talking about hydrogen, other means, but I think it is still not enough.

Venezuela's problem is not even in its president Maduro, the problem began to manifest itself even before him, he simply became a catalyst for the process. The problem of Venezuela is the huge dependence of the economy on the oil market. Oil provides 95% of export revenues, more than 50% of the state budget revenues and about 30% of GDP. Can you imagine what a powerful dependence on surges in oil prices? And any downward movement of oil really drives the whole country into poverty! Imagine - somewhere they just find a new field of cheap and affordable oil and the economy of an entire country collapses, and no one can save Venezuela ...

You are right, for now Venezuela has no salvation, is that I think that even if oil were to reach the powerful sum of $ 1k per barrel, it would be even poorer, because the government's thinking is to give everything away to Cuba, Nicaraguaa and all those Countries that share their political ideology, corruption is extreme, there is no way it can be solved, what people do is try to survive with a business that they can start, apart from the fact that services are very limited and every day lacks quality Like electricity, water, telephone, here what is being extracted is oil, but everything goes to China and Russia.

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Quote from: YOSHIE on November 21, 2021, 01:56:37 AM

Quote from: Ultegra134 on October 08, 2021, 12:40:58 PM

What's the average cost of petrol/diesel in your country? Share your thoughts on what exactly is causing this crisis, which is also spiking electricity costs up, increasing the budget for the average household.

Indeed, at the end of 2021, fuel tends to increase by a few percent, which is triggered by many factors causing the increase in fuel prices.

In 2020 and in 2021 even though the price of fuel increases by a few percent, but it doesn't have a bad impact on the needs in my country, such as the 2020 Pertamax Turbo €0.6 per liter in 2021 to €0.8 per liter, that's for example.

Actually there are some active fuels in my country, of course there will be changes in 2021 for the fuels in my country.
As an example:
1. Diesel: €0.4/liter.
2. Non-Subsidized diesel: €0.69/liter.
3. Pertamax Turbo: €0.8/liter.
4. Pertamax: €0.56/liter.
5. Pertalite: €0.47/liter.
6. Pertamina Dex: €0.69/liter

For now the price of fuel in my country is still relatively cheap, even though the world price per barrel rises, we are still safe for now.

Where are you from, if you don't mind me asking? That's extremely cheap to be honest, however, we should also take into account the living wages and expenses of your country. Here, in Greece, the cost of electricity, fuel and groceries is way out of proportion for the average household. Everything is going up, except our wages/salaries.

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Oil will always be an important issue in the world, various policies to be able to suppress oil prices are not effective because the use of oil continues to increase and cannot be controlled, many countries do not want to develop alternative energy because most oil companies are state-owned so it will be a loss if the state also develops alternative energy massively.

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Quote from: Ultegra134 on October 08, 2021, 12:40:58 PM

What's the average cost of petrol/diesel in your country? Share your thoughts on what exactly is causing this crisis, which is also spiking electricity costs up, increasing the budget for the average household.

Indeed, at the end of 2021, fuel tends to increase by a few percent, which is triggered by many factors causing the increase in fuel prices.

In 2020 and in 2021 even though the price of fuel increases by a few percent, but it doesn't have a bad impact on the needs in my country, such as the 2020 Pertamax Turbo €0.6 per liter in 2021 to €0.8 per liter, that's for example.

Actually there are some active fuels in my country, of course there will be changes in 2021 for the fuels in my country.
As an example:
1. Diesel: €0.4/liter.
2. Non-Subsidized diesel: €0.69/liter.
3. Pertamax Turbo: €0.8/liter.
4. Pertamax: €0.56/liter.
5. Pertalite: €0.47/liter.
6. Pertamina Dex: €0.69/liter

For now the price of fuel in my country is still relatively cheap, even though the world price per barrel rises, we are still safe for now.

Fortify

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Quote from: Ultegra134 on October 08, 2021, 12:40:58 PM

Fuel prices have skyrocketed in the past few months, on a worldwide scale. Here in Greece, the average price per liter for 95 Unleaded petrol is €1.75, while for diesel it's approximately €1.45. A huge surge is also expected, in the soon-to-be launched season of heating gas oil, which is expected to start within the next few weeks, with a rumored price of at least €1.10/liter.

I've read that this spike in prices is triggered by an increase in price per barrel, due to oil companies worrying about the pandemic, while their production is limited compared to the higher demand. Have you heard anything relative? What's causing this surge in prices, could it be a one-off thing which lasts a couple of months at most?

What's the average cost of petrol/diesel in your country? Share your thoughts on what exactly is causing this crisis, which is also spiking electricity costs up, increasing the budget for the average household.

Sources:
https://www.bruegel.org/2021/09/is-europes-gas-and-electricity-price-surge-a-one-off/
https://www.bbc.com/news/business-58718148

What I find most crazy was the fact that fuel a year ago was NEGATIVE, as in - Oil companies ran out of places to store it and were paying people to take it off their hands. All that spare capacity was used up and now we're at a situation where supply is too low to meet demand, pushing prices towards all time highs. Covid has really shaken all sorts of supply chains up far beyond the direct effects of the disease, it's looking like it might take a few more years for everything to get back to what we used to call normal. It just goes to show, that for all the talk of transitioning away from fossil fuels, it is still a major driver of the world economy and will take many decades to fully replace. Lots of people might wish it gone but it will stubbornly stick around.

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Quote from: LUCKMCFLY on November 19, 2021, 03:53:23 PM

Precisely an oil country such as Venezuela, which has production everywhere, has to import gasoline, for the simple fact that those who are operating with oil are not able to process their own gasoline, when at a time the best Gasoline in the world with the best octane was produced by Venezuela, now the gasoline they bring is Iranian, which means that Iran, due to this production, is obtaining one of its highest income due to its process,

I am very surprised by a peculiarity, that as time passes, they continue with the dependence on gasoline for most cars, they were talking about hydrogen, other means, but I think it is still not enough.

Venezuela's problem is not even in its president Maduro, the problem began to manifest itself even before him, he simply became a catalyst for the process. The problem of Venezuela is the huge dependence of the economy on the oil market. Oil provides 95% of export revenues, more than 50% of the state budget revenues and about 30% of GDP. Can you imagine what a powerful dependence on surges in oil prices? And any downward movement of oil really drives the whole country into poverty! Imagine - somewhere they just find a new field of cheap and affordable oil and the economy of an entire country collapses, and no one can save Venezuela ...

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Quote from: The Sceptical Chymist on November 17, 2021, 05:01:27 PM

Quote from: The Sceptical Chymist on November 04, 2021, 07:12:15 AM

At my local gas station, the price is $3.56/gallon and I haven't seen it that high in a long time.

I'm replying to myself here, but I wanted to follow up on what I wrote a couple of weeks ago--gas prices in my area have actually gone down somewhat, because that same gas station now has a gallon at $3.38. There's probably not much to read into that, since oil/gas prices fluctuate just like every other commodity, and I don't think there's a downward trend as of yet.

And hey, I also remember when gas was at or above $5/gallon here in the US back in 2004 or so (it was so long ago that I don't remember the exact year(s) gas was that high, but I'm pretty sure I'm in the ballpark). When you compare where we're at now to back then...whew.

More of a problem is getting my hands on everyday supplies like pet food. The supply chain issues are no joke, regardless of whatever's causing them.

Same here, petrol and diesel dropped the significant amount of €0.02! Astonishing to say the least, doesn't make much difference to be honest. However, I'm noticing a downtrend on Brent Oil the past one week, with the barrel now costing $78.40, compared to $82-$85 which was the usual for the time being. Let's shall wait and see if it drops any further.

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Precisely an oil country such as Venezuela, which has production everywhere, has to import gasoline, for the simple fact that those who are operating with oil are not able to process their own gasoline, when at a time the best Gasoline in the world with the best octane was produced by Venezuela, now the gasoline they bring is Iranian, which means that Iran, due to this production, is obtaining one of its highest income due to its process,

I am very surprised by a peculiarity, that as time passes, they continue with the dependence on gasoline for most cars, they were talking about hydrogen, other means, but I think it is still not enough.

The Sceptical Chymist

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Quote from: The Sceptical Chymist on November 04, 2021, 07:12:15 AM

At my local gas station, the price is $3.56/gallon and I haven't seen it that high in a long time.

I'm replying to myself here, but I wanted to follow up on what I wrote a couple of weeks ago--gas prices in my area have actually gone down somewhat, because that same gas station now has a gallon at $3.38. There's probably not much to read into that, since oil/gas prices fluctuate just like every other commodity, and I don't think there's a downward trend as of yet.

And hey, I also remember when gas was at or above $5/gallon here in the US back in 2004 or so (it was so long ago that I don't remember the exact year(s) gas was that high, but I'm pretty sure I'm in the ballpark). When you compare where we're at now to back then...whew.

More of a problem is getting my hands on everyday supplies like pet food. The supply chain issues are no joke, regardless of whatever's causing them.

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Quote from: justdimin on November 17, 2021, 11:34:51 AM

My nation has something similar as well, the cost of filling the tank of your car is significantly lower than what could be considered for a German for example, it is probably nearly 30-40% cheaper right now. What does that mean? It means we are doing better? Or it is cheaper?

For this type of situation people usually talk about how many litres of gasoline could the minimum wage could buy. In that situation we are eliminating something serious, we are talking about purchasing power, and when you consider that a German could buy nearly 2.7x times more gasoline for their minimum wage than what our citizens could. This shows you that it is in fact cheaper for them, and that is a good calculation.

However that leaves one side to calculate, if you have 50%+ of your citizens work for minimum wage or even less illegally, whereas Germany has only 3% that also means that the calculation is even worse, people in Germany usually make a lot more, which means the difference is even higher.

Absolutely agree ! Therefore, I think that the indicator should be integral and take into account several factors, including the level of the minimum income and the income distribution of the citizens of the "measured country". One figure is not only not an indicator, but most likely an indicator that will lead in the wrong way and will eventually give an incorrectly formed opinion or assessment.

Topic: Fuel prices hitting an eight year high - page 10. (Read 3994 times)