Topic: Fuel prices hitting an eight year high - page 2. (Read 3994 times)
For the last 12 months, the price of Brent crude has remained in two digits. And for the last few weeks, it is really struggling to break even the $80 per barrel level. Remember that this is happening despite the fact that Saudi Arabia and Russia are continuing with their production cuts. Saudis have taken 1 million barrels per day offline, while Russians have reduced their output by 300,000 barrels per day. But this is not having any impact because countries such as Angola and Guyana are stepping up their crude oil output. Saudis and Russians are losing their market share, while non-OPEC nations are increasing theirs.
I would like to write an update on this topic and hear your comments about fuel prices situation in your country today.
Two years ago we have complained how steadily fuel prices went up. Many remember problems with fuel availability in some countries. I remember people posting pictures of car queues to petrol station and trade limit in UK. How is current situation in your country right now? During last 2 or 3 weeks, I have noticed fuel price decline at my place. Compared to prices that were two years ago, current price petrol/diesel price is cheaper for almost 1/4 (diesel 1.56 EUR vs 2.10 EUR). Also I always remember that at winter, fuel is more expensive, compared to summer, but today petrol/diesel cost about 20 eurocents less than in june-august.
Two years ago we have complained how steadily fuel prices went up. Many remember problems with fuel availability in some countries. I remember people posting pictures of car queues to petrol station and trade limit in UK. How is current situation in your country right now? During last 2 or 3 weeks, I have noticed fuel price decline at my place. Compared to prices that were two years ago, current price petrol/diesel price is cheaper for almost 1/4 (diesel 1.56 EUR vs 2.10 EUR). Also I always remember that at winter, fuel is more expensive, compared to summer, but today petrol/diesel cost about 20 eurocents less than in june-august.
Well, honestly, right now, the price of gasoline here in our country can be said to have dropped a little, but only a little, because I can still say that it is expensive per liter, to be honest. He never returned to the price value of 0.8–0.9 dollars per liter.
And I think it looks like it's going to take a long time, or they'll just play with its current price of 1.2 dollars per liter, so it's still a bit painful in the pocket. In reality, it's very difficult for people who are poor in life.
I would like to write an update on this topic and hear your comments about fuel prices situation in your country today.
Two years ago we have complained how steadily fuel prices went up. Many remember problems with fuel availability in some countries. I remember people posting pictures of car queues to petrol station and trade limit in UK. How is current situation in your country right now? During last 2 or 3 weeks, I have noticed fuel price decline at my place. Compared to prices that were two years ago, current price petrol/diesel price is cheaper for almost 1/4 (diesel 1.56 EUR vs 2.10 EUR). Also I always remember that at winter, fuel is more expensive, compared to summer, but today petrol/diesel cost about 20 eurocents less than in june-august.
Two years ago we have complained how steadily fuel prices went up. Many remember problems with fuel availability in some countries. I remember people posting pictures of car queues to petrol station and trade limit in UK. How is current situation in your country right now? During last 2 or 3 weeks, I have noticed fuel price decline at my place. Compared to prices that were two years ago, current price petrol/diesel price is cheaper for almost 1/4 (diesel 1.56 EUR vs 2.10 EUR). Also I always remember that at winter, fuel is more expensive, compared to summer, but today petrol/diesel cost about 20 eurocents less than in june-august.
Despite the hysterical attempts of Russian propaganda to come up with at least some kind of fairy tale, how oil prices will rise and everyone will freeze without Russian gas - the market stubbornly shows that reality is far from propaganda 
1. Today, Urals oil, "here and now" is below $70. But at this price, no one buys it. China is buying up the surplus already at a price of 32.5 - 34 dollars per barrel, with logistics costs on the supplier's side
2. Last week, after the visit of high-ranking US representatives to India, India reduced the purchase of Russian oil by 40%
China and India are Russia's "best friends"
1. Today, Urals oil, "here and now" is below $70. But at this price, no one buys it. China is buying up the surplus already at a price of 32.5 - 34 dollars per barrel, with logistics costs on the supplier's side
2. Last week, after the visit of high-ranking US representatives to India, India reduced the purchase of Russian oil by 40%
China and India are Russia's "best friends"
Urals was trading at $90 per barrel when Brent prices were around $120 per barrel. But the discount narrowed later, as Asian countries rushed to purchase the cheaper Russian crude. And it narrowed even further as the EU nations went on a shopping spree recently, to fill their oil reserves before the embargo on Russian crude is applied. Here in India, the private refineries are complaining that the discount for Russian crude is not attractive enough to pay for the higher freight costs. And that is the reason why India recently reduced Russian crude imports.
It's even uncontrolable in our country. It's the worst economic situation that we're in. Poor people are suffering and others are trying to look for extra jobs because everything is getting unaffordable including imported goods. The oil price hike is being announced each week and it's continuous. There might be rollbacks but the hikes are still higher.
In our country the price of oil for all needs has also increased and that is due to the increase in the oil used for daily fuel so that everything else also increases. And what I am afraid of is the magnitude of inflation that will occur here when the simple and poor people no longer have the effort to buy any goods because their ability has run out. And it's only the rich who don't feel destitute in their lives that perhaps the rich don't feel the effects of an increase in all goods.its not going to be rich in times like this because they're also going to be robbed. if you just watch the news daily about robberies and killings, you'd be afraid to allow your family to go out.
price of gas will rocket more because Putin had sanctioned EU also through his Nordstream. their leaders are affecting the world. I might just be using bike forever.
It's even uncontrolable in our country. It's the worst economic situation that we're in. Poor people are suffering and others are trying to look for extra jobs because everything is getting unaffordable including imported goods. The oil price hike is being announced each week and it's continuous. There might be rollbacks but the hikes are still higher.
In our country the price of oil for all needs has also increased and that is due to the increase in the oil used for daily fuel so that everything else also increases. And what I am afraid of is the magnitude of inflation that will occur here when the simple and poor people no longer have the effort to buy any goods because their ability has run out. And it's only the rich who don't feel destitute in their lives that perhaps the rich don't feel the effects of an increase in all goods. 
We encounter similar scenarios all over the world. We see the same news everywhere from the USA to China because the name of the crisis we are in is the energy crisis. The supply problem that started after the Covid virus prevented us from using the production tools efficiently. This opened the door to a period in which we could not produce as much energy as we consume. Everything looks like a storm that breaks one after another. But the preparer of this storm is a small virus. It's a tiny virus that cannot be seen with the naked eye. I guess this is what they call the butterfly effect.
It's even uncontrolable in our country. It's the worst economic situation that we're in. Poor people are suffering and others are trying to look for extra jobs because everything is getting unaffordable including imported goods. The oil price hike is being announced each week and it's continuous.
It's also one reason why I'm thinking of looking for another job. Because the budget that I have been allotting for our needs, it's not that much anymore.Inflation hits too much and one biggest reason is the continuous oil price hike. I wish to see back that $70 per barrel so that things will start to decrease on its prices and with the strong interest rate of the fed, things are making it more expensive.
There might be rollbacks but the hikes are still higher.
Sometimes, I'm like poker face whenever I see these roll backs. But we've got no choice but just to be grateful with that little roll back but soon and maybe after a week or two, they'll make the increase higher and more than the roll back. It hits hard! 
Despite the hysterical attempts of Russian propaganda to come up with at least some kind of fairy tale, how oil prices will rise and everyone will freeze without Russian gas - the market stubbornly shows that reality is far from propaganda
1. Today, Urals oil, "here and now" is below $70. But at this price, no one buys it. China is buying up the surplus already at a price of 32.5 - 34 dollars per barrel, with logistics costs on the supplier's side
2. Last week, after the visit of high-ranking US representatives to India, India reduced the purchase of Russian oil by 40%
China and India are Russia's "best friends"
Honestly, I find the whole situation about Europe reducing their energy consumption a little exaggerated when electric suppliers are soaring in profit. However, whether we like it or not, Europe is still way too dependent on Russia, and my opinion would be to revert the sanctions against them; it's only hurting ourselves. India, on the other hand, had been purchasing discounted oil since the start of the invasion and was reselling it for profit. One thing is certain, judging by the current situation: oil will continue to be volatile and probably won't fall below $80/barrel, unless we have severely decreased demand due to a variety of reasons, such as a recession or another Covid-19 wave. 1. Today, Urals oil, "here and now" is below $70. But at this price, no one buys it. China is buying up the surplus already at a price of 32.5 - 34 dollars per barrel, with logistics costs on the supplier's side
2. Last week, after the visit of high-ranking US representatives to India, India reduced the purchase of Russian oil by 40%
China and India are Russia's "best friends"
a decision that makes inflation higher and certainly affects the development of the world economy. Currently oil plays an important role in the distribution of all goods, and if there is an increase in oil, it will affect the price of everything. apart from political activities, of course they only think of their own benefit with various policies, and in that country it seems that they always want to be a leader for the whole world, instead of mutually beneficial cooperation, the problem that Russia is currently facing is, of course, not as easy as it seems.
There is no end to it. Protests would not work until you are ashamed to get their task done
Despite the hysterical attempts of Russian propaganda to come up with at least some kind of fairy tale, how oil prices will rise and everyone will freeze without Russian gas - the market stubbornly shows that reality is far from propaganda
1. Today, Urals oil, "here and now" is below $70. But at this price, no one buys it. China is buying up the surplus already at a price of 32.5 - 34 dollars per barrel, with logistics costs on the supplier's side
2. Last week, after the visit of high-ranking US representatives to India, India reduced the purchase of Russian oil by 40%
China and India are Russia's "best friends"
1. Today, Urals oil, "here and now" is below $70. But at this price, no one buys it. China is buying up the surplus already at a price of 32.5 - 34 dollars per barrel, with logistics costs on the supplier's side
2. Last week, after the visit of high-ranking US representatives to India, India reduced the purchase of Russian oil by 40%
China and India are Russia's "best friends"
Crude oil trading at sub-90 levels is good, but let's remember that it was trading at ~$40 per barrel two years ago. And the current prices once again proves that as far as crude oil is considered, the war between Russia and Ukraine is not a major player. Before the war, crude oil was trading at $90 per barrel, and even now it is trading at the same level. On the other hand, natural gas prices went up due to the war, and there is no doubt about it. But the recent decision by OPEC+ to cut oil production will have some impact on the market in the coming weeks.
Crude oil has been extremely volatile the past few days, crashing down to $81.84/barrel of WTI crude oil and $87.64 for Brent oil, respectively. It's the lowest we've seen them so far after the start of the war in Ukraine. Natural gas has also seen a large decrease in price. In the meantime, Russia threatened to completely cut off supplies from Gazprom if sanctions aren't retracted. Personally, I don't see it happening any time soon. The West would rather see their citizens and their economies suffer instead of easing sanctions, which only lead to detrimental effects on Europe's economy and well-being while Russia scores billions in profit by selling overpriced oil to Europe and Asia.
Do you believe that we'll see a slow down in inflation if oil prices remain below $90/barrel? I'm hoping to at least see signs of relief in the gas stations, which will be worthwhile this time.
Do you believe that we'll see a slow down in inflation if oil prices remain below $90/barrel? I'm hoping to at least see signs of relief in the gas stations, which will be worthwhile this time.
News and one country that really wanted to "help" the terrorist country by buying oil from it at a dumping price - and here another fiasco awaits the terrorist country. expected
"03 September 2022 India sharply reduced purchases of Russian oil after the visit of US officials
The "Orient Express" of Russian oilmen, carrying barrels to Asia instead of Europe, continues to falter. In the week ending Aug. 26, oil supplies from Russia to Asian customers fell to the lowest level since the first month of the war, Bloomberg calculated based on tanker tracking data.
China, which began to reduce more purchases in July, was joined by India, which since spring has been regularly taking all the oil that fell under the "boycott" in Western Europe.
Over the month, the flow of Russian oil to India shrank by 40%: at the end of July it was 960,000 barrels a day, in mid-August - 740,000 barrels, and last week - 570,000.
China bought at the same time bought 810,000 barrels a day - 35% less than in early June.
Another 340 thousand barrels per day were taken out of Russian ports by tankers that did not indicate the destination. But even if all that volume ends up in Indian or Chinese refineries, shipments to Asia will be the lowest since early April (1.72 million barrels a day).
Problems in the Indian market arose for Russian oilmen after a delegation of US officials headed by Deputy Treasury Secretary Wally Adeimo, the sanctions policy coordinator in Washington, visited New Delhi.
The US offered the government of Asia's second largest economy to join the "price ceiling" for Russian oil - that is, not to buy barrels more expensive than $40-60. Nothing was publicly announced about the outcome of the talks. But according to Bloomberg, India's de facto government has said no, saying the deal needed "broader consensus."
https://www.moscowtimes.eu/2022/09/03/indiya-rezko-sokratila-zakupki-rossiiskoi-nefti-after-vizita-chinovnikov-ssha-a23878
India is a reasonable country, although some of its representatives have become victims of Russian propaganda.
"03 September 2022 India sharply reduced purchases of Russian oil after the visit of US officials
The "Orient Express" of Russian oilmen, carrying barrels to Asia instead of Europe, continues to falter. In the week ending Aug. 26, oil supplies from Russia to Asian customers fell to the lowest level since the first month of the war, Bloomberg calculated based on tanker tracking data.
China, which began to reduce more purchases in July, was joined by India, which since spring has been regularly taking all the oil that fell under the "boycott" in Western Europe.
Over the month, the flow of Russian oil to India shrank by 40%: at the end of July it was 960,000 barrels a day, in mid-August - 740,000 barrels, and last week - 570,000.
China bought at the same time bought 810,000 barrels a day - 35% less than in early June.
Another 340 thousand barrels per day were taken out of Russian ports by tankers that did not indicate the destination. But even if all that volume ends up in Indian or Chinese refineries, shipments to Asia will be the lowest since early April (1.72 million barrels a day).
Problems in the Indian market arose for Russian oilmen after a delegation of US officials headed by Deputy Treasury Secretary Wally Adeimo, the sanctions policy coordinator in Washington, visited New Delhi.
The US offered the government of Asia's second largest economy to join the "price ceiling" for Russian oil - that is, not to buy barrels more expensive than $40-60. Nothing was publicly announced about the outcome of the talks. But according to Bloomberg, India's de facto government has said no, saying the deal needed "broader consensus."
https://www.moscowtimes.eu/2022/09/03/indiya-rezko-sokratila-zakupki-rossiiskoi-nefti-after-vizita-chinovnikov-ssha-a23878
India is a reasonable country, although some of its representatives have become victims of Russian propaganda.
I believe Russian war has created so much problem for the whole world. This oil crisis after Covid is not over yet.
Now in our country oil prices have reached to the highest and this is bringing everything to the extreme higher price. And Biden is very upset for the steps he is taking. He pull his forces from Afghanistan and started a cold war with Russia. Not a good move.
Now in our country oil prices have reached to the highest and this is bringing everything to the extreme higher price. And Biden is very upset for the steps he is taking. He pull his forces from Afghanistan and started a cold war with Russia. Not a good move.
Biden will be 80 years old in a few months and it is rumored that he is suffering from dementia. I don't think that he is the decision maker within the US government. He may be the face of the government, but the important decisions are being taken by the far-left cabal that includes Kamala Harris and Nancy Pelosi (not to forget Hillary Clinton as well). The next POTUS elections are just two years away and it will be interesting to know who will be the nominee from the Dems. They may opt for a moderate face such as Beto O'Rourke, while Kamala/Nancy will pull the strings behind the curtain.
I believe Russian war has created so much problem for the whole world. This oil crisis after Covid is not over yet.
Now in our country oil prices have reached to the highest and this is bringing everything to the extreme higher price. And Biden is very upset for the steps he is taking. He pull his forces from Afghanistan and started a cold war with Russia. Not a good move.
Now in our country oil prices have reached to the highest and this is bringing everything to the extreme higher price. And Biden is very upset for the steps he is taking. He pull his forces from Afghanistan and started a cold war with Russia. Not a good move.
Biden will be 80 years old in a few months and it is rumored that he is suffering from dementia. I don't think that he is the decision maker within the US government. He may be the face of the government, but the important decisions are being taken by the far-left cabal that includes Kamala Harris and Nancy Pelosi (not to forget Hillary Clinton as well). The next POTUS elections are just two years away and it will be interesting to know who will be the nominee from the Dems. They may opt for a moderate face such as Beto O'Rourke, while Kamala/Nancy will pull the strings behind the curtain.
Rumor has it that Putin is not a grandfather, but a grandmother with grandfather's genitals, and he also dreams of a rubber ass
But the Ministry of Terrorism of the Russian Federation, says that they have already destroyed 44 HIMARS in Ukraine out of 20 delivered. But this is official information, and of course honest
Of course, the "rumor has it" argument is very strong, it's hard to disagree!
You sometimes surprise very much! But ... Let's return to the topic of the topic and reality?
So, oil today: SPOT price of Urals - 74.02 dollars per barrel. Link to source https://ru.investing.com/commodities/crude-oil-urals-spot-futures
Trend from June 2022 to today - PRICE FALL from $100+ to $74! minus 25%!
I'm sure after this phrase you wanted to say "so how much does gas cost!"
Right ? I'm sure it's true So, now the price of gas is exclusively artificially driven up by one ... let's put it mildly - an economic terrorist! They have nothing left but gas terror, because it is already much closer than on the horizon, and to be precise, the death of the economy "breathes in Russia's back" due to the loss of the European market! Russia has already “flyed” with oil, now oil is not only cheaper by 25%, almost at the level of profitability, but it is also forced to sell real oil at a price below $40 to China and India, no matter how much you would like to do otherwise! I do not even rule out that the Kremlin terrorists will cut off the gas to Germany and France. Well, this will be a good lesson, an inoculation against venality and rash acts such as selling yourself to terrorists, and becoming dependent on mentally unbalanced regimes. But I’m sure that the winter in Germany and France, although it will be difficult, but during 2023 these countries will get off the Kremlin’s gas needle, destroy corruption ties with terrorists, and reach a stable level of providing their economy with gas, but already gas bases from terrorists
I believe Russian war has created so much problem for the whole world. This oil crisis after Covid is not over yet.
Now in our country oil prices have reached to the highest and this is bringing everything to the extreme higher price. And Biden is very upset for the steps he is taking. He pull his forces from Afghanistan and started a cold war with Russia. Not a good move.
Now in our country oil prices have reached to the highest and this is bringing everything to the extreme higher price. And Biden is very upset for the steps he is taking. He pull his forces from Afghanistan and started a cold war with Russia. Not a good move.
Biden will be 80 years old in a few months and it is rumored that he is suffering from dementia. I don't think that he is the decision maker within the US government. He may be the face of the government, but the important decisions are being taken by the far-left cabal that includes Kamala Harris and Nancy Pelosi (not to forget Hillary Clinton as well). The next POTUS elections are just two years away and it will be interesting to know who will be the nominee from the Dems. They may opt for a moderate face such as Beto O'Rourke, while Kamala/Nancy will pull the strings behind the curtain.
We do not expect gas prices to ease this year. Because of the Russia-Ukraine war. And also the World Bank warns the global economy may suffer 1970s-style stagflation. Even electric vehicles and green energy have their own disadvantages; they need high expenses and high technology, so they will take time.
It's far from easing this year. I thought that we'll have the series of roll backs but it seems that it won't be on a spree. There's another round for the price hike for this week.So the government should initiate temporary solutions like reducing tax rates etc.
They are increasing the interest rates and that's what it should be. I just hope that most countries don't give that much aid or free money ever again because that's where the economy falls. Look at the countries where they've got that much free, it's not sustainable but I admire those countries that are able to sustain it and gets a budget for those free money they give out.
I can't fathom what they were thinking when imposing such sanctions, EU's and NATO's actions are responsible for the current state in Europe, it could have been avoided. It's one of the main reasons inflation isn't going to get any better within the next few years, while we're also facing the risk of electricity and oil supply shortages within the upcoming winter.
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.
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.
It's nice to see prices slowly edging downwards in the last few weeks, but it's clearly due to reduced demand due to crazy inflation and the fact most countries are likely heading into a recession. This is the natural end result of massive borrowing and overspending - Covid threw things out of whack with a huge drop off and then a large rebound - but this upcoming dip has been due. The last major recession was in 2007 with the financial crisis and it is truly amazing that the economy has been able to sustain such a relatively inflated level lately, but it is time for a correction. Fuel should continue to drop if that is the case, even if Russia is still going crazy.
I don't know why he is doing this, the American people are also paying for that high price of fuel, not only the countries abroad. In the event that President Biden is the main cause of this price spike, then he is shooting himself in the foot because he will lose the support of the people when he runs for another term. Can you explain more?
Well.. Biden has found a short term solution. He has ordered the release of oil from the Strategic Petroleum Reserve (SPR). This is a foolish move, because the reserve need to be replenished in the short term, if it is emptied now. Biden's aim is to keep crude at a level of around $100 per barrel until the mid-term elections happen in the first week of November. Once the elections are completed, the SPR will be refilled and this will push crude towards the $150 per barrel level. If price cap is implemented on Russian oil, then it can go up even further.
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