Topic: Fuel prices hitting an eight year high - page 3. (Read 3994 times)
Oil will continue to rise because world needs also continue to increase, China is the largest country that requires oil, various roads to find alternatives such as electric vehicles still do not have a significant impact. The best thing to do immediately is to reduce industries that require too much oil, and can replace with more gas.
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.
Good for Germans. But not every country has such a developed railroad network, not every town is connected to a railroad station. Personal transport is still most popular way to get somewhere.I think it will take tens years to develop hydrogen-powered vehicles and "charging" stations for them.
Once again I observe that diesel cost more than petrol. First such think happened in the beginning of Russia - Ukraine war. What is this, just an inflation or another huge strike from Russia is expected ?
Once again I observe that diesel cost more than petrol. First such think happened in the beginning of Russia - Ukraine war. What is this, just an inflation or another huge strike from Russia is expected ?
The situation I believe is currently hitting almost every country due to sanctions impose on Russia and hence causing supply shock.
here in my country due to the hike in price of fuel recently though we're one of the oil blessed nation, it has drastically increased the price of transportation and base on past experiences, whenever the price of fuel is increased in my country it usually affects the price of goods and commodities , so this price hike has even worsen the case here coupled with the current inflation ravaging the Economy. But all this for my view is coinsidently happening to help shift the world's dependency on fossil fuel and into Greener energy they have been advocating for years now.
here in my country due to the hike in price of fuel recently though we're one of the oil blessed nation, it has drastically increased the price of transportation and base on past experiences, whenever the price of fuel is increased in my country it usually affects the price of goods and commodities , so this price hike has even worsen the case here coupled with the current inflation ravaging the Economy. But all this for my view is coinsidently happening to help shift the world's dependency on fossil fuel and into Greener energy they have been advocating for years now.
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. So the government should initiate temporary solutions like reducing tax rates etc.
The situation I believe is currently hitting almost every country due to sanctions impose on Russia and hence causing supply shock.
here in my country due to the hike in price of fuel recently though we're one of the oil blessed nation, it has drastically increased the price of transportation and base on past experiences, whenever the price of fuel is increased in my country it usually affects the price of goods and commodities , so this price hike has even worsen the case here coupled with the current inflation ravaging the Economy. But all this for my view is coinsidently happening to help shift the world's dependency on fossil fuel and into Greener energy they have been advocating for years now.
here in my country due to the hike in price of fuel recently though we're one of the oil blessed nation, it has drastically increased the price of transportation and base on past experiences, whenever the price of fuel is increased in my country it usually affects the price of goods and commodities , so this price hike has even worsen the case here coupled with the current inflation ravaging the Economy. But all this for my view is coinsidently happening to help shift the world's dependency on fossil fuel and into Greener energy they have been advocating for years now.
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. So the government should initiate temporary solutions like reducing tax rates etc.
All talks about future trade, oil priced in, oil price are driven by speculation from summer trips,... I'm not buying it! The oil cartel just wants to drive the oil price back to high again and justify it with their trade bullshit. We're fucked as this is the summer price. If back to fall/winter, coal along with natural gas will both be in demand. Oil can follow with mark-up price based on the baseline right now.
Despite the economy is in a shabby situation. China doesn't use as much oil as before, with no domestic tours in a country with a population of 1,4 billion. God, the oil cartel truly got everyone in their string.
Despite the economy is in a shabby situation. China doesn't use as much oil as before, with no domestic tours in a country with a population of 1,4 billion. God, the oil cartel truly got everyone in their string.
When Trump was the president, he kept fuel prices at a very affordable level. Back in 2020, crude oil was trading at around $40 per barrel. And then the OPEC cartel decided to support Biden in his election bid. Biden returned the favor when he became the president, by banning fracking in federal lands and cancelling the Keystone XL pipeline. Crude oil prices immediately went up by 150%. The ongoing Russo-Ukrainian war is only having a nominal impact on the prices. Most of the price rise resulted from Biden's stupid policies in 2021.
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?
All talks about future trade, oil priced in, oil price are driven by speculation from summer trips,... I'm not buying it! The oil cartel just wants to drive the oil price back to high again and justify it with their trade bullshit. We're fucked as this is the summer price. If back to fall/winter, coal along with natural gas will both be in demand. Oil can follow with mark-up price based on the baseline right now.
Despite the economy is in a shabby situation. China doesn't use as much oil as before, with no domestic tours in a country with a population of 1,4 billion. God, the oil cartel truly got everyone in their string.
Despite the economy is in a shabby situation. China doesn't use as much oil as before, with no domestic tours in a country with a population of 1,4 billion. God, the oil cartel truly got everyone in their string.
When Trump was the president, he kept fuel prices at a very affordable level. Back in 2020, crude oil was trading at around $40 per barrel. And then the OPEC cartel decided to support Biden in his election bid. Biden returned the favor when he became the president, by banning fracking in federal lands and cancelling the Keystone XL pipeline. Crude oil prices immediately went up by 150%. The ongoing Russo-Ukrainian war is only having a nominal impact on the prices. Most of the price rise resulted from Biden's stupid policies in 2021.
All talks about future trade, oil priced in, oil price are driven by speculation from summer trips,... I'm not buying it! The oil cartel just wants to drive the oil price back to high again and justify it with their trade bullshit. We're fucked as this is the summer price. If back to fall/winter, coal along with natural gas will both be in demand. Oil can follow with mark-up price based on the baseline right now.
Despite the economy is in a shabby situation. China doesn't use as much oil as before, with no domestic tours in a country with a population of 1,4 billion. God, the oil cartel truly got everyone in their string.
Despite the economy is in a shabby situation. China doesn't use as much oil as before, with no domestic tours in a country with a population of 1,4 billion. God, the oil cartel truly got everyone in their string.
What surprises you? How does the oil market work?
There is a purchase of the "future period", there is a purchase of the "here and now"
Accordingly, now there is oil on the market that was bought in the past at a price that was most likely very high (on expectations of further price growth). Plus, there is oil that was bought a month ago, when the price was also higher. And oil is just starting to flow, which has fallen in price, and will continue to fall in price.
In total, conditionally we have (all numbers are for an example, so that the essence of the process is clear):
65% at $150
30% at $120
5% at $95
What do you think - what price of oil will most affect TODAY's fuel price?
In order for fuel to decrease in proportion to the current price of oil, time must pass, and then the situation for reserves for processing will be as follows:
65% at $95
30% for $85
5% at $75
There is a purchase of the "future period", there is a purchase of the "here and now"
Accordingly, now there is oil on the market that was bought in the past at a price that was most likely very high (on expectations of further price growth). Plus, there is oil that was bought a month ago, when the price was also higher. And oil is just starting to flow, which has fallen in price, and will continue to fall in price.
In total, conditionally we have (all numbers are for an example, so that the essence of the process is clear):
65% at $150
30% at $120
5% at $95
What do you think - what price of oil will most affect TODAY's fuel price?
In order for fuel to decrease in proportion to the current price of oil, time must pass, and then the situation for reserves for processing will be as follows:
65% at $95
30% for $85
5% at $75
I'm glad that someone revived this thread, I was planning to do it myself too. Prices have dropped from €2.40 down to €2.05 in my area. It's still extremely expensive but at this point, it's better than nothing. However, as Sithara007 mentioned, this is probably going to be a temporary drop in prices, since the USA is selling its oil reserves.
Since yesterday, Brent and WTI crude oil have seen major spikes in their prices, with Brent being close to surpassing $100/barrel.
Since yesterday, Brent and WTI crude oil have seen major spikes in their prices, with Brent being close to surpassing $100/barrel.
I agree that this is temporary. Dont know how often fuel prices in your country change, but in mine, in winter, petrol is always more expensive than in summer. I think this is due to bioadditives in fuel. But, in summer people travel more, and it will be more profitable (and unfair) to have more expensive fuel. Anyway, little decrease is better than no price decrease. I advice you to make most of that opportunity.
It's astonishing that crude oil prices saw a 2-day increase, from $94 to $99 for Brent oil, and gas prices have already increased in my area. On the other hand, it took days for it to actually drop when it had reached a new low after the war started. That's pure speculation.
I agree that this is temporary. Dont know how often fuel prices in your country change, but in mine, in winter, petrol is always more expensive than in summer. I think this is due to bioadditives in fuel. But, in summer people travel more, and it will be more profitable (and unfair) to have more expensive fuel. Anyway, little decrease is better than no price decrease. I advice you to make most of that opportunity.
Interesting that you mentioned the topic of bioadditives. Here in India, we have already moved from 5% ethanol blending to 10% blending for petrol (gasoline). By April 2023, the target is to supply gasoline with 20% ethanol content. I am not sure whether it will work smoothly. The government claims that existing gasoline engines can run on 20% ethanol blend without any modifications. I am more skeptical on this. But then, we don't have any other choice. India imports around 85% of the crude oil it consumes and the prices are skyrocketing now.
I'm glad that someone revived this thread, I was planning to do it myself too. Prices have dropped from €2.40 down to €2.05 in my area. It's still extremely expensive but at this point, it's better than nothing. However, as Sithara007 mentioned, this is probably going to be a temporary drop in prices, since the USA is selling its oil reserves.
Since yesterday, Brent and WTI crude oil have seen major spikes in their prices, with Brent being close to surpassing $100/barrel.
Since yesterday, Brent and WTI crude oil have seen major spikes in their prices, with Brent being close to surpassing $100/barrel.
I agree that this is temporary. Dont know how often fuel prices in your country change, but in mine, in winter, petrol is always more expensive than in summer. I think this is due to bioadditives in fuel. But, in summer people travel more, and it will be more profitable (and unfair) to have more expensive fuel. Anyway, little decrease is better than no price decrease. I advice you to make most of that opportunity.
As you say, behind this oil price drop there is a political motive and it comes from the US. The politics of their country is becoming rotten and corrupt, they do everything for their power and they don't care about the feelings of others. They do not use any tricks to achieve the goal. If it's true what you say, the CPI, it's all fake, the crisis will come back soon and the inflation hasn't really peaked yet.
I am more worried about the chances of recession if the fuel prices remain high for an extended period of time. Despite the massive selloff from SPR, the crude oil prices have remained at a level of ~$100 per barrel. And after the midterms, we can expect it to go up even further. This will result in higher inflation, unemployment and weakening of the national currencies. Tax rates will go up, and consumer spending will decrease. All of this can be prevented. Biden just need to remove the new regulations, so that the American shale oil producers can pump more oil. But as we know, he will never do that.
I'm glad that someone revived this thread, I was planning to do it myself too. Prices have dropped from €2.40 down to €2.05 in my area. It's still extremely expensive but at this point, it's better than nothing. However, as Sithara007 mentioned, this is probably going to be a temporary drop in prices, since the USA is selling its oil reserves.
Since yesterday, Brent and WTI crude oil have seen major spikes in their prices, with Brent being close to surpassing $100/barrel.
Since yesterday, Brent and WTI crude oil have seen major spikes in their prices, with Brent being close to surpassing $100/barrel.
Yes, oil prices have been down for a while, I don't remember exactly but maybe 2 weeks as you say. As far as I know, this decline is not related to the hostility of Russia and Ukraine but to the US having a second consecutive negative growth. As a result, fears of a recession will reduce spending significantly worldwide, driving down energy prices.
It is difficult to talk about the situation now until the end of the year, but personally I see that things will get worse, once the war continues, things will not get better.
It is difficult to talk about the situation now until the end of the year, but personally I see that things will get worse, once the war continues, things will not get better.
The prices are NOT down due to economic slowdown. I had posted about this multiple times. Americans have been emptying their Strategic Petroleum Reserve (SPR) at a record pace and this has resulted in a slight oversupply in the market. And Biden administration is doing this so that Democrat party would perform better in the mid-term elections. But the problem is that once the mid-term elections are over (in less than three months), they will stop doing this. And the prices will rebound once that happens.
Yes, oil prices have been down for a while, I don't remember exactly but maybe 2 weeks as you say. As far as I know, this decline is not related to the hostility of Russia and Ukraine but to the US having a second consecutive negative growth. As a result, fears of a recession will reduce spending significantly worldwide, driving down energy prices.
It is difficult to talk about the situation now until the end of the year, but personally I see that things will get worse, once the war continues, things will not get better.
It is difficult to talk about the situation now until the end of the year, but personally I see that things will get worse, once the war continues, things will not get better.
The prices are NOT down due to economic slowdown. I had posted about this multiple times. Americans have been emptying their Strategic Petroleum Reserve (SPR) at a record pace and this has resulted in a slight oversupply in the market. And Biden administration is doing this so that Democrat party would perform better in the mid-term elections. But the problem is that once the mid-term elections are over (in less than three months), they will stop doing this. And the prices will rebound once that happens.
It has been a while since we have discussed fuel prices. I've noticed, that during last 2 weeks fuel prices on gas stations are going down every day. During 2 weeks, petrol and diesel prices have decreased for 20%. In addition, diesel started again to cost less than petrol. What about the situation in your country?
I havent been following news about oil prices lately (did not want to get disappointed once again), but I see they are decreasing. I am sure that I havent seen lately news about new suppliers, partnerships and etc on my local news portals, also the Ukraine-Russian war continues. But the situation with fuel is improving. What is this? Improvement or preparation for even worse ?
I havent been following news about oil prices lately (did not want to get disappointed once again), but I see they are decreasing. I am sure that I havent seen lately news about new suppliers, partnerships and etc on my local news portals, also the Ukraine-Russian war continues. But the situation with fuel is improving. What is this? Improvement or preparation for even worse ?
Yes, oil prices have been down for a while, I don't remember exactly but maybe 2 weeks as you say. As far as I know, this decline is not related to the hostility of Russia and Ukraine but to the US having a second consecutive negative growth. As a result, fears of a recession will reduce spending significantly worldwide, driving down energy prices.
It is difficult to talk about the situation now until the end of the year, but personally, I see that things will get worse, once the war continues, things will not get better.
I noticed the oil price decrease in our country as well about a week ago. It lightens up slightly our struggle due to expensive oil prices. But the price of primary goods in our country is still increasing despite the oil price decrease. I think it's something that our government should focus on. I just hope that price won't strike high again because it really hits the global economy negatively and ordinary people are suffering.
It has been a while since we have discussed fuel prices. I've noticed, that during last 2 weeks fuel prices on gas stations are going down every day. During 2 weeks, petrol and diesel prices have decreased for 20%. In addition, diesel started again to cost less than petrol. What about the situation in your country?
I havent been following news about oil prices lately (did not want to get disappointed once again), but I see they are decreasing. I am sure that I havent seen lately news about new suppliers, partnerships and etc on my local news portals, also the Ukraine-Russian war continues. But the situation with fuel is improving. What is this? Improvement or preparation for even worse ?
I havent been following news about oil prices lately (did not want to get disappointed once again), but I see they are decreasing. I am sure that I havent seen lately news about new suppliers, partnerships and etc on my local news portals, also the Ukraine-Russian war continues. But the situation with fuel is improving. What is this? Improvement or preparation for even worse ?
Yes, oil prices have been down for a while, I don't remember exactly but maybe 2 weeks as you say. As far as I know, this decline is not related to the hostility of Russia and Ukraine but to the US having a second consecutive negative growth. As a result, fears of a recession will reduce spending significantly worldwide, driving down energy prices.
It is difficult to talk about the situation now until the end of the year, but personally I see that things will get worse, once the war continues, things will not get better.
It has been a while since we have discussed fuel prices. I've noticed, that during last 2 weeks fuel prices on gas stations are going down every day. During 2 weeks, petrol and diesel prices have decreased for 20%. In addition, diesel started again to cost less than petrol. What about the situation in your country?
I havent been following news about oil prices lately (did not want to get disappointed once again), but I see they are decreasing. I am sure that I havent seen lately news about new suppliers, partnerships and etc on my local news portals, also the Ukraine-Russian war continues. But the situation with fuel is improving. What is this? Improvement or preparation for even worse ?
I havent been following news about oil prices lately (did not want to get disappointed once again), but I see they are decreasing. I am sure that I havent seen lately news about new suppliers, partnerships and etc on my local news portals, also the Ukraine-Russian war continues. But the situation with fuel is improving. What is this? Improvement or preparation for even worse ?
Oil prices are slightly down.. but still hovering around the $95-$100 level. American prices, as usual are around $5 to $10 per barrel lower than the Brent. Synthetic crude from Canada is trading at $70-$75 per barrel, while Saudi and the other GCC nations are selling their crude at a premium of $10 to $15 per barrel. But here in India, the gasoline/diesel prices haven't gone down. The oil companies are refusing to reduce prices any further, because they are claiming that they are incurring a loss of around $0.20-$0.25 per liter due to pricing restrictions imposed by the government.
It has been a while since we have discussed fuel prices. I've noticed, that during last 2 weeks fuel prices on gas stations are going down every day. During 2 weeks, petrol and diesel prices have decreased for 20%. In addition, diesel started again to cost less than petrol. What about the situation in your country?
I havent been following news about oil prices lately (did not want to get disappointed once again), but I see they are decreasing. I am sure that I havent seen lately news about new suppliers, partnerships and etc on my local news portals, also the Ukraine-Russian war continues. But the situation with fuel is improving. What is this? Improvement or preparation for even worse ?
I havent been following news about oil prices lately (did not want to get disappointed once again), but I see they are decreasing. I am sure that I havent seen lately news about new suppliers, partnerships and etc on my local news portals, also the Ukraine-Russian war continues. But the situation with fuel is improving. What is this? Improvement or preparation for even worse ?
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