Oil prices are starting to ease, as members of the International Energy Agency (IEA) agreed to join in the largest oil reserve release. That resulted in WTI Crude dropping just below $100, while Brent Crude trading at $104 per barrel. For some reason, I cannot understand, oil prices have frozen since yesterday and haven't updated, if anyone knows, I'd appreciate shedding some light.
Petrol here is still trending at approximately €2.08-2.10 per liter, while diesel at €1.80 - 1.90, which is also subsidized by the government (€0.12/liter). Hopefully, I believe that there will be some kind of relief in gas pumps, however, fuel costs will be far from what they were a few months ago.
Topic: Fuel prices hitting an eight year high - page 4. (Read 3994 times)
I just checked the real-time crude oil prices online:
https://oilprice.com/oil-price-charts/#prices
Brent is currently trading at $107.93 per barrel, which is an increase of around 2.6x from the Trump times. That said, the Russian crude is trading at a very heavy discount. ESPO is currently trading at $85.66 per barrel, which is 21% lower when compared to the Brent prices. Sokol crude is currently trading at $89.87 per barrel. Once again, 17% lower when compared to Brent.
This is good news for importers of Russian crude, such as China and India. But at the same time, it shows the ineffectiveness of the sanctions. Russian crude is still being sold and the Europeans are importing crude from as far as Venezuela, increasing their own costs.
I never liked the idea of sanctions, I was one of the first ones to point out their ineffectiveness, which will ultimately hurt Europe more than it will hurt Russia. As you've pointed out, Russia continues exporting oil to in other Asian countries, who are of course, willing to take advantage of the lower price.https://oilprice.com/oil-price-charts/#prices
Brent is currently trading at $107.93 per barrel, which is an increase of around 2.6x from the Trump times. That said, the Russian crude is trading at a very heavy discount. ESPO is currently trading at $85.66 per barrel, which is 21% lower when compared to the Brent prices. Sokol crude is currently trading at $89.87 per barrel. Once again, 17% lower when compared to Brent.
This is good news for importers of Russian crude, such as China and India. But at the same time, it shows the ineffectiveness of the sanctions. Russian crude is still being sold and the Europeans are importing crude from as far as Venezuela, increasing their own costs.
I also predicted that sanctions would not have a big impact on Russia, because they have big business friends from Asia. China and India are very willing to buy oil from Russia at bargain prices.
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.
The post of the OP was before the war and there were no sanctions that happened that time but now that there is, it worsens the situation making the price of the fuel triple'd or more. Do you live in a country where the oil supply are sufficient? that must be in India? because it's said that India is the second largest supplier of oil next to Russia, and after them would be Iraq/Iran but why would the price will hike there when your one of the suppliers?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.
Price should be in normal range only or can be lower but the effects of the sanction are not only limited to oil, that's why we also feel an increase in the price of the primary goods and others items.
I can not believe how high these gas prices are getting, I mean it's at an 8 year high? What's next 10 year high? Personally, I don't have the money to buy a new car but if I did I would definitely get a hybrid or an electric.
For my work, I have to travel 30 minutes in each direction and that's 5 days a week. These prices are really taking a chunk out of my paycheck and it will definitely impact my spending habits on any non-essential purchases.
And, if these gas prices keep going up I may become a minimalist, I'm not kidding. I can't remember the last time I went shopping for clothes and I really need some new stuff but now is not the time.
If I had 40-50k to buy an electric car, I honestly wouldn't mind fuel prices that much, unfortunately, electric cars are out of reach for the average consumer. Filling up your car takes a huge chunk out of your paycheck, personally, it would take at least 1/8th of my salary, which is ridiculous. In the summer, I used to fill up my car at least twice a month, due to going back and forth, I don't want to be miserable and stay home all day.For my work, I have to travel 30 minutes in each direction and that's 5 days a week. These prices are really taking a chunk out of my paycheck and it will definitely impact my spending habits on any non-essential purchases.
And, if these gas prices keep going up I may become a minimalist, I'm not kidding. I can't remember the last time I went shopping for clothes and I really need some new stuff but now is not the time.
If this war drags on, we are the ones who will be affected the most, no one else. In my country, everything has increased in price, many families have to tighten their spending to be able to afford a month with a meagre salary. As you said it wouldn't be fair if the prices went up while our wages didn't increase a cent.
I pray that Russia and Ukraine will soon reach peace so that everything will return to normal. After the covid pandemic, we have had to go through so much loss and pain. Don't let the pain linger.
I pray that Russia and Ukraine will soon reach peace so that everything will return to normal. After the covid pandemic, we have had to go through so much loss and pain. Don't let the pain linger.
Unfortunately, it doesn't look like it's going to end anytime soon, while the current sanctions put on Russia are hurting the western citizens more than they're hurting Russia's economy. Salaries aren't expected to rise anytime soon either.
This is non-sense. I was passing by petrol station about 10 minutes ago and noticed that diesel is for 5 cents expensive then gasoline. Whole my entire drivers career I have experienced that diesel was always cost 10-20 cents less than gasoline. After 1 months of war, annual price position changed. That is gonna hit hard, as our cars are mostly diesel, I would say that diesel to gasoline car ration is 7:1.
I can not believe how high these gas prices are getting, I mean it's at an 8 year high? What's next 10 year high? Personally, I don't have the money to buy a new car but if I did I would definitely get a hybrid or an electric.
For my work, I have to travel 30 minutes in each direction and that's 5 days a week. These prices are really taking a chunk out of my paycheck and it will definitely impact my spending habits on any non-essential purchases.
And, if these gas prices keep going up I may become a minimalist, I'm not kidding. I can't remember the last time I went shopping for clothes and I really need some new stuff but now is not the time.
For my work, I have to travel 30 minutes in each direction and that's 5 days a week. These prices are really taking a chunk out of my paycheck and it will definitely impact my spending habits on any non-essential purchases.
And, if these gas prices keep going up I may become a minimalist, I'm not kidding. I can't remember the last time I went shopping for clothes and I really need some new stuff but now is not the time.
Hope that you will become just a minimalist, not a follower of ascetism.
On https://oilprice.com/oil-price-charts/#prices, I see red and green indicators every day, but prices on fuel station, that I see from my window are only going up. I have even noticed, that the different in price between diesel and regular fuel is 1 euro cent only. How can this even happen? How can "clean" fuel cost same as diesel?
Fuel prices and price growth in general are already effecting my life. I have refused vising McDrive, even though McDonalds is 500m away from me (maybe my taste have changed) and I no longer get out from shops with full cart of food.
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.
I can not believe how high these gas prices are getting, I mean it's at an 8 year high? What's next 10 year high? Personally, I don't have the money to buy a new car but if I did I would definitely get a hybrid or an electric.
For my work, I have to travel 30 minutes in each direction and that's 5 days a week. These prices are really taking a chunk out of my paycheck and it will definitely impact my spending habits on any non-essential purchases.
And, if these gas prices keep going up I may become a minimalist, I'm not kidding. I can't remember the last time I went shopping for clothes and I really need some new stuff but now is not the time.
For my work, I have to travel 30 minutes in each direction and that's 5 days a week. These prices are really taking a chunk out of my paycheck and it will definitely impact my spending habits on any non-essential purchases.
And, if these gas prices keep going up I may become a minimalist, I'm not kidding. I can't remember the last time I went shopping for clothes and I really need some new stuff but now is not the time.
I just checked the real-time crude oil prices online:
https://oilprice.com/oil-price-charts/#prices
Brent is currently trading at $107.93 per barrel, which is an increase of around 2.6x from the Trump times. That said, the Russian crude is trading at a very heavy discount. ESPO is currently trading at $85.66 per barrel, which is 21% lower when compared to the Brent prices. Sokol crude is currently trading at $89.87 per barrel. Once again, 17% lower when compared to Brent.
This is good news for importers of Russian crude, such as China and India. But at the same time, it shows the ineffectiveness of the sanctions. Russian crude is still being sold and the Europeans are importing crude from as far as Venezuela, increasing their own costs.
I never liked the idea of sanctions, I was one of the first ones to point out their ineffectiveness, which will ultimately hurt Europe more than it will hurt Russia. As you've pointed out, Russia continues exporting oil to in other Asian countries, who are of course, willing to take advantage of the lower price.https://oilprice.com/oil-price-charts/#prices
Brent is currently trading at $107.93 per barrel, which is an increase of around 2.6x from the Trump times. That said, the Russian crude is trading at a very heavy discount. ESPO is currently trading at $85.66 per barrel, which is 21% lower when compared to the Brent prices. Sokol crude is currently trading at $89.87 per barrel. Once again, 17% lower when compared to Brent.
This is good news for importers of Russian crude, such as China and India. But at the same time, it shows the ineffectiveness of the sanctions. Russian crude is still being sold and the Europeans are importing crude from as far as Venezuela, increasing their own costs.
I also predicted that sanctions would not have a big impact on Russia, because they have big business friends from Asia. China and India are very willing to buy oil from Russia at bargain prices.
We're going to suffer the consequences of this war, potentially worse than Russia themselves, we'll have to get used to a long-term period of higher living costs.
it may have immediate impact on russia but they will recover. and the heavily affected of this rising of fuel prices are small consumers. it is almost doubled the price now in my area. maybe instead of using the car, just walk for short distances. lol at least exercise for us.
but on a serious note, i believe, we are already experiencing one of the effects of this war. and the prices may possibly go up more in the next coming months. but the salary is still the same. this is not fair...
I pray that Russia and Ukraine will soon reach peace so that everything will return to normal. After the covid pandemic, we have had to go through so much loss and pain. Don't let the pain linger.
Crude oil is continuing to rise relentlessly, surpassing $121 for Brent oil and $115 for WTI Crude. Soon enough, we'll see the updated prices at the pumps. Unfortunately, the decrease in prices didn't last long, while a potential embargo on oil imports from Russia would be disastrous, and it's actually something that's being discussed. To make matters worse, a damage at CPC (Caspian Pipeline Consortium) in Kazakhstan may take up to a million barrels per day (BPD) off the market.
On top of that, the Greek government, would be providing a prepaid card of €40 (or €50 for those situated in islands) to cover the increased fueling costs. It's astonishing, instead of reducing the taxes, you're been given a card which will last you a mere month at most.
On top of that, the Greek government, would be providing a prepaid card of €40 (or €50 for those situated in islands) to cover the increased fueling costs. It's astonishing, instead of reducing the taxes, you're been given a card which will last you a mere month at most.
because if they had bought the fuel stock per barrel on a higher price then its understandable that they would need to sell it all before they would be making out those new prices or dropped down.
Its business and they would not just let it to happen that they would be selling on losses which its just a normal thing for them to do so.So its not really that shocking if you do ask me.
Its business and they would not just let it to happen that they would be selling on losses which its just a normal thing for them to do so.So its not really that shocking if you do ask me.
I dont feel like oil companies (at least in my country) are buying oil every day, every hour, that it could impact on current fuel prices so quickly. I believe they have huge reservoirs and have bought oil weeks or months ago. Because as far as I see, petrol station reservoirs refills are not happening 24/7. I dont see tank trucks everytime I visit fuel stations. From that I made a conclusion, that fuel station reservoirs are refilled once a months or something like that. If they are refilled such rarely, then fuel companies have huge supplies, they have bought oil long time ago and now just speculate.
Well, here in my place fuel is both have a good amount of supply and there were only few consumers compared to big cities were the streets were crowded with massive transport vehicles.
The same reason why pumping stations are gonna get a huge profit especially now that the fuel has a huge price hike because they're usually stacking enough supply.
Btw, prices were inconsistent these days, we have experience 3-4 times increase and 2 roll backs since the war began.
Some countries previously oil producers now stated out of stock and are now an oil importer, this is certainly a strong indication that oil is increasingly difficult to make demand continues to increase, China is a country that really needs oil and is currently the world's largest so many oil companies China is expanding to many countries such as in the Middle East and Africa.
because if they had bought the fuel stock per barrel on a higher price then its understandable that they would need to sell it all before they would be making out those new prices or dropped down.
Its business and they would not just let it to happen that they would be selling on losses which its just a normal thing for them to do so.So its not really that shocking if you do ask me.
Its business and they would not just let it to happen that they would be selling on losses which its just a normal thing for them to do so.So its not really that shocking if you do ask me.
I dont feel like oil companies (at least in my country) are buying oil every day, every hour, that it could impact on current fuel prices so quickly. I believe they have huge reservoirs and have bought oil weeks or months ago. Because as far as I see, petrol station reservoirs refills are not happening 24/7. I dont see tank trucks everytime I visit fuel stations. From that I made a conclusion, that fuel station reservoirs are refilled once a months or something like that. If they are refilled such rarely, then fuel companies have huge supplies, they have bought oil long time ago and now just speculate.
Yeah, a wake up call that if there's an alternative, we should use it. For now, we really need to zip our pockets and only spend on most important things.
But if you're someone that doesn't care of the price hikes and you can still survive no matter what happens, it's all on you on how you're going to deal with it. Like dealing how cool you are with it and you're not problematic on it whilst many of us are dealing on it and really have to face and look for a way to at least save.
Am a chemistry Degree holder and know better about fossil fuels. Its just a matter of time when we run out of organic sources and sooner or later its going to happen. So focusing on alternate energy source should be the first priority for us.But if you're someone that doesn't care of the price hikes and you can still survive no matter what happens, it's all on you on how you're going to deal with it. Like dealing how cool you are with it and you're not problematic on it whilst many of us are dealing on it and really have to face and look for a way to at least save.
Many Countries already following green energy sources and they are getting very promising results.
The problem here is something else. big corporations are controlling energy sources and trying to sustain power balance. because a great source of world wealth derive from petroleum industry and if switching from petroleum to green energy start, they can potentially lose billion of $$.
Controlling prices and benefitting the conflicts between different nations, They can do so much then that.
Did everyone notice, that during last two weeks, oil prices have dropped for 10-15%, but on the fuel stations we see only one or two cent reduction? How can this be explained, or how will you comment on that? I can only say that once again, someone is making nice profit on us.
Anyone have serious thoughts switching regular car to electric, or you think this fuel price growth is temporary? With two diesel cars in a family, more and more often I start to think about selling one and buying an electric car for small and regular rides.
It's most likely speculative, I work at a gas station, and I've also noticed it, however, we did see higher decreases here, the prices were still high enough for the price/barrel. Switching to electric cars isn't viable yet, they are way out of budget for the average consumer.Anyone have serious thoughts switching regular car to electric, or you think this fuel price growth is temporary? With two diesel cars in a family, more and more often I start to think about selling one and buying an electric car for small and regular rides.
Prices are rising not only for energy. Russia and Ukraine are the largest grain suppliers to Europe. Therefore, the high price will soon be not only for gas and electricity, but also for bread. Over the past two years, the European economy has not been in the best condition due to covid19 and now sanctions against Russia are being added. I don't know what will happen tomorrow...
While Ukraine is accountable for its major grain exports, the increasing price in everyday goods has been rising since September - October, but now it has gotten out of hand. 
Prices are rising not only for energy. Russia and Ukraine are the largest grain suppliers to Europe. Therefore, the high price will soon be not only for gas and electricity, but also for bread. Over the past two years, the European economy has not been in the best condition due to covid19 and now sanctions against Russia are being added. I don't know what will happen tomorrow...
It's the same in most parts of the world that the fuel prices have doubled because of the war. And we all need to consume petroleum and other oil products for our basic needs.
This impacts the whole industries because it's an energy source and this is what really happens when the source is increasing on its value and price, everything is going to be badly hit by it. Everyone has to commute to transport goods and materials, then those products that are in transport are also going to increase on its price, a domino effect.
This impacts the whole industries because it's an energy source and this is what really happens when the source is increasing on its value and price, everything is going to be badly hit by it. Everyone has to commute to transport goods and materials, then those products that are in transport are also going to increase on its price, a domino effect.
Maybe, this situation is a wake up call to find alternative fuel sources. Ordinary workers are suffering from this rise of prices. But what can we do? Tighten our budget more. We don't know where to get our funds anymore to survive in this crisis. This situation is true in most parts of the world, and the only one who are not bothered are those wealthy people, who don't care whether the fuel price is already doubled in the market. We need to re-think our priorities now before we go into deep debt.
But if you're someone that doesn't care of the price hikes and you can still survive no matter what happens, it's all on you on how you're going to deal with it. Like dealing how cool you are with it and you're not problematic on it whilst many of us are dealing on it and really have to face and look for a way to at least save.
Many Countries already following green energy sources and they are getting very promising results.
The problem here is something else. big corporations are controlling energy sources and trying to sustain power balance. because a great source of world wealth derive from petroleum industry and if switching from petroleum to green energy start, they can potentially lose billion of $$.
Controlling prices and benefitting the conflicts between different nations, They can do so much then that.
Prices of fuel and diesel is high in my nation. Diesel is even worst, this is already reflecting in transportation fare and prices of food in the market, the leaders in my nation are not doing enough to see things work.
Did everyone notice, that during last two weeks, oil prices have dropped for 10-15%, but on the fuel stations we see only one or two cent reduction? How can this be explained, or how will you comment on that? I can only say that once again, someone is making nice profit on us.
Anyone have serious thoughts switching regular car to electric, or you think this fuel price growth is temporary? With two diesel cars in a family, more and more often I start to think about selling one and buying an electric car for small and regular rides.
They are just simply making their stocks to be fully consumed or sell out first before they would tend to make out some adjustment on the current rollback.They could'nt just go down immediatelyAnyone have serious thoughts switching regular car to electric, or you think this fuel price growth is temporary? With two diesel cars in a family, more and more often I start to think about selling one and buying an electric car for small and regular rides.
because if they had bought the fuel stock per barrel on a higher price then its understandable that they would need to sell it all before they would be making out those new prices or dropped down.
Its business and they would not just let it to happen that they would be selling on losses which its just a normal thing for them to do so.So its not really that shocking if you do ask me.
Did everyone notice, that during last two weeks, oil prices have dropped for 10-15%, but on the fuel stations we see only one or two cent reduction? How can this be explained, or how will you comment on that? I can only say that once again, someone is making nice profit on us.
That's always the case when there are price increase on the fuel. Gasoline stations are quick to add and top up those increases while if it's about a roll back, it will take time until they slash the price on their fuel products.There's nothing we can do since it's also the government that earns from that flipflop.
Anyone have serious thoughts switching regular car to electric, or you think this fuel price growth is temporary? With two diesel cars in a family, more and more often I start to think about selling one and buying an electric car for small and regular rides.
I believe that this is just temporary. When the war is over then things are going to turn back normal but the question is when? I have no plans of switching into electric cars, it's not ideal where I am right now but in the future, I am planning to buy one.Might you save one car and just use it very often or only on important errands to save some gas.
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