Fuel prices hitting an eight year high - page 6.

bakasabo

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Quote from: Ultegra134 on March 17, 2022, 02:10:43 PM

Oil prices are expected to be highly volatile, till the Ukrainian issue is resolved, which isn't going to happen anytime soon.

Then it is about time to buy a bicycle. Because I think Ukrainian-Russian conflict is not going to be settled this year. Even if the global war actions stops, it will always be small local skirmishes. Same that were after Crimea conflict. This seems like an endless conflict, were people dont even know or remember the reasons why it all started.

Current economical downtrend Russia is going to counter with high oil prices. I think 2022 will be the year when everyone will realize consequences if this war actions. Next year sides will figure out strategy to get business and development back. Several years it will take to rebuild, build own new business, get abroad contracts, or wait till current business who has abandoned Russian market, start to think to return. Maybe year 2025 and further will be the time when prices goes down.

Tahsin Kabir Kollol

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At present, there are various political decisions, including war, behind the rise in oil prices. Oil prices continue to rise due to sanctions on Russia's oil exports and various decisions by the world's largest oil producers. It is only natural that Venezuela, along with Iran, would not suddenly increase oil production in the words of other allies, including the United States, due to years of sanctions on several oil-producing countries. In order to meet their objectives, a number of countries have set conditions for increasing oil production that cannot be fully met. Current economic oil is an important regulator and it is impossible to imagine modern civilization without it. Therefore, every country is emphasizing on stockpiling of fuel instead of price to keep its energy demand and supply right so that the price of fuel continues to rise.

Sithara007

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Quote from: Ultegra134 on March 17, 2022, 02:10:43 PM

Hang in there, the situation is far from de-escalation, a quick look at Oilprices.com, and you'll see that crude oil is rebounding, due to market fears regarding Russia's supply, surpassing $100 once again. Oil prices are expected to be highly volatile, till the Ukrainian issue is resolved, which isn't going to happen anytime soon.

That's sad, I was welcomed by a significantly lower price when I got to work today, but it's definitely not going to last long.

The main concern in the market is that there will be embargoes on crude oil shipments from Russia. If Russia want to transport oil to countries such as India, then they can do so only through sea. And that means that the oil tankers need to cross the Suez channel, or the strait of Malacca. And there is always a chance that the US and it's allies may seize the cargoes at some point during the journey. If this happens, there is a shortfall in crude supply and the prices can go to astronomic levels ($300 per barrel?).

Ultegra134

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Quote from: bakasabo on March 17, 2022, 05:39:00 AM

Quote from: Lanatsa on March 16, 2022, 08:13:57 PM

Quote from: 24Kt on March 16, 2022, 07:58:49 PM

Quote from: Ultegra134 on March 16, 2022, 11:41:12 AM

According to Oilprices.com, WTI Crude and Brent Crude oil are trading below $100 ($95 and $100 respectively), slowly retracting to pre-invasion levels, during which surpassed $130/barrel. It's definitely good news, could possibly result in a slight relief in the market, however, the $200/barrel scenario hasn't been debunked yet, with the condition still being heated in Ukraine. The slight retraction in prices is a result of China's new lockdown, due to an increasing number of cases, and due to talks with Canada and UAE to boost their supply, at least that's what I know so far.

Despite the rapid loss in value, in my area atleast, we've only seen an increase of 3 cents per liter on petrol and diesel, while heating gas oil was met with the largest fall of all, dropping from €1.668 to €1.539.

On the other hand, in my area, the increase is already at about 14 cents, which is hard for small users. And I believe, this will still continue in the world market. This war has indeed real impact in the gas sector. Our governments should look for alternative options because small consumers are getting hit hard by this oil price's increase in the world market. After this war situation, it may possibly gets worse. So we need to be prepared for what's to come.

What goes up must come down and this is the situation we are looking or seeing on on oil market.
https://tradingeconomics.com/commodity/crude-oil

It is true that those rises did really take a hit worlwide but we wont really be staying up forever.Hope that it would
decrease even more on upcoming months to come.

I agree with a quotation "what goes up, must go down", but I did not expect it to happen so quickly if we take into consideration economy of the whole world. The war still continues, sanctions are still being proposed and etc. Nothing really has change, in fact, situation got worse. Despite all that, we observe fuel prices start to go down. How is it possible? Can it be, that fuel price were increased on purpose week ago? That is was made on purpose?

Hang in there, the situation is far from de-escalation, a quick look at Oilprices.com, and you'll see that crude oil is rebounding, due to market fears regarding Russia's supply, surpassing $100 once again. Oil prices are expected to be highly volatile, till the Ukrainian issue is resolved, which isn't going to happen anytime soon.

That's sad, I was welcomed by a significantly lower price when I got to work today, but it's definitely not going to last long.

Rruchi man

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Quote from: xSkylarx on March 17, 2022, 09:08:26 AM

The majority of the news I could find in our country indicated that those who work in the transportation industry were considering suspending their operations for the time being because they were spending more money than they were earning as a result of the current oil price, for which we can't really blame them.

It seems the issue of increasing fuel prices is a global issue because in my locale, we are still experiencing same challenges, i can't say it is directly linked to the Russian-Ukraine crisis, but the cost of PMS has gone up and the increment has directly influenced the cost of other commodities. With these developments, Innovations like the Tesla and other electrically powered vehicles will be the next sort after.

Seriously we need to diversify and stop the complete dependence on fuel and petroleum products alone for power, there should be ample alternatives of power for everyone to use the one best suited to them. If this had been the case, the effects of increasing fuel price will not be as dire as it is currently.

xSkylarx

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Quote from: 24Kt on March 16, 2022, 07:58:49 PM

Quote from: Ultegra134 on March 16, 2022, 11:41:12 AM

According to Oilprices.com, WTI Crude and Brent Crude oil are trading below $100 ($95 and $100 respectively), slowly retracting to pre-invasion levels, during which surpassed $130/barrel. It's definitely good news, could possibly result in a slight relief in the market, however, the $200/barrel scenario hasn't been debunked yet, with the condition still being heated in Ukraine. The slight retraction in prices is a result of China's new lockdown, due to an increasing number of cases, and due to talks with Canada and UAE to boost their supply, at least that's what I know so far.

Despite the rapid loss in value, in my area atleast, we've only seen an increase of 3 cents per liter on petrol and diesel, while heating gas oil was met with the largest fall of all, dropping from €1.668 to €1.539.

On the other hand, in my area, the increase is already at about 14 cents, which is hard for small users. And I believe, this will still continue in the world market. This war has indeed real impact in the gas sector. Our governments should look for alternative options because small consumers are getting hit hard by this oil price's increase in the world market. After this war situation, it may possibly gets worse. So we need to be prepared for what's to come.

The majority of the news I could find in our country indicated that those who work in the transportation industry were considering suspending their operations for the time being because they were spending more money than they were earning as a result of the current oil price, for which we can't really blame them. As we have seen, those with low incomes are the most affected, as they can barely afford to buy food due to a lack of funds, and as you can see, almost all foods are now extremely expensive and difficult to obtain; those with higher incomes are also more vulnerable.

bakasabo

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Quote from: Lanatsa on March 16, 2022, 08:13:57 PM

Quote from: 24Kt on March 16, 2022, 07:58:49 PM

Quote from: Ultegra134 on March 16, 2022, 11:41:12 AM

According to Oilprices.com, WTI Crude and Brent Crude oil are trading below $100 ($95 and $100 respectively), slowly retracting to pre-invasion levels, during which surpassed $130/barrel. It's definitely good news, could possibly result in a slight relief in the market, however, the $200/barrel scenario hasn't been debunked yet, with the condition still being heated in Ukraine. The slight retraction in prices is a result of China's new lockdown, due to an increasing number of cases, and due to talks with Canada and UAE to boost their supply, at least that's what I know so far.

Despite the rapid loss in value, in my area atleast, we've only seen an increase of 3 cents per liter on petrol and diesel, while heating gas oil was met with the largest fall of all, dropping from €1.668 to €1.539.

On the other hand, in my area, the increase is already at about 14 cents, which is hard for small users. And I believe, this will still continue in the world market. This war has indeed real impact in the gas sector. Our governments should look for alternative options because small consumers are getting hit hard by this oil price's increase in the world market. After this war situation, it may possibly gets worse. So we need to be prepared for what's to come.

What goes up must come down and this is the situation we are looking or seeing on on oil market.
https://tradingeconomics.com/commodity/crude-oil

It is true that those rises did really take a hit worlwide but we wont really be staying up forever.Hope that it would
decrease even more on upcoming months to come.

I agree with a quotation "what goes up, must go down", but I did not expect it to happen so quickly if we take into consideration economy of the whole world. The war still continues, sanctions are still being proposed and etc. Nothing really has change, in fact, situation got worse. Despite all that, we observe fuel prices start to go down. How is it possible? Can it be, that fuel price were increased on purpose week ago? That is was made on purpose?

Lanatsa

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Quote from: 24Kt on March 16, 2022, 07:58:49 PM

Quote from: Ultegra134 on March 16, 2022, 11:41:12 AM

According to Oilprices.com, WTI Crude and Brent Crude oil are trading below $100 ($95 and $100 respectively), slowly retracting to pre-invasion levels, during which surpassed $130/barrel. It's definitely good news, could possibly result in a slight relief in the market, however, the $200/barrel scenario hasn't been debunked yet, with the condition still being heated in Ukraine. The slight retraction in prices is a result of China's new lockdown, due to an increasing number of cases, and due to talks with Canada and UAE to boost their supply, at least that's what I know so far.

Despite the rapid loss in value, in my area atleast, we've only seen an increase of 3 cents per liter on petrol and diesel, while heating gas oil was met with the largest fall of all, dropping from €1.668 to €1.539.

On the other hand, in my area, the increase is already at about 14 cents, which is hard for small users. And I believe, this will still continue in the world market. This war has indeed real impact in the gas sector. Our governments should look for alternative options because small consumers are getting hit hard by this oil price's increase in the world market. After this war situation, it may possibly gets worse. So we need to be prepared for what's to come.

What goes up must come down and this is the situation we are looking or seeing on on oil market.
https://tradingeconomics.com/commodity/crude-oil

It is true that those rises did really take a hit worlwide but we wont really be staying up forever.Hope that it would
decrease even more on upcoming months to come.

24Kt

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Quote from: Ultegra134 on March 16, 2022, 11:41:12 AM

According to Oilprices.com, WTI Crude and Brent Crude oil are trading below $100 ($95 and $100 respectively), slowly retracting to pre-invasion levels, during which surpassed $130/barrel. It's definitely good news, could possibly result in a slight relief in the market, however, the $200/barrel scenario hasn't been debunked yet, with the condition still being heated in Ukraine. The slight retraction in prices is a result of China's new lockdown, due to an increasing number of cases, and due to talks with Canada and UAE to boost their supply, at least that's what I know so far.

Despite the rapid loss in value, in my area atleast, we've only seen an increase of 3 cents per liter on petrol and diesel, while heating gas oil was met with the largest fall of all, dropping from €1.668 to €1.539.

On the other hand, in my area, the increase is already at about 14 cents, which is hard for small users. And I believe, this will still continue in the world market. This war has indeed real impact in the gas sector. Our governments should look for alternative options because small consumers are getting hit hard by this oil price's increase in the world market. After this war situation, it may possibly gets worse. So we need to be prepared for what's to come.

Ultegra134

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According to Oilprices.com, WTI Crude and Brent Crude oil are trading below $100 ($95 and $100 respectively), slowly retracting to pre-invasion levels, during which surpassed $130/barrel. It's definitely good news, could possibly result in a slight relief in the market, however, the $200/barrel scenario hasn't been debunked yet, with the condition still being heated in Ukraine. The slight retraction in prices is a result of China's new lockdown, due to an increasing number of cases, and due to talks with Canada and UAE to boost their supply, at least that's what I know so far.

Despite the rapid loss in value, in my area atleast, we've only seen an increase of 3 cents per liter on petrol and diesel, while heating gas oil was met with the largest fall of all, dropping from €1.668 to €1.539.

bakasabo

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In my country fuel price growth has stopped. They have increased for 25% in a short period of time. The prices has dropped few cents and gained sort of a stability. In my country excise tax influence greatly on fuel price, but I havent seen any changes or news in connection with tax concessions. I know that in some countries, government cover part of fuel price through excise tax reduction. What about prices in your countries?

Sithara007

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Quote from: tbterryboy on March 14, 2022, 02:23:06 AM

Mainly because they are not as brainwashed as you are. Because, it was around 50+ when Trump was in power almost all the time except a few times. Secondly, Biden is not the reason why the oil prices are high in the USA, you do realize that it is high ALL OVER THE WORLD right? I mean when you do not take oil from Russia and put sanctions against them, you are going to have a higher price on oil, and this is done by the whole world and not just Biden.

Secondly, even during a time like that, and even while west is still suffering a lot, Biden figured out a cheaper way by dealing with Venezuela and got them out, and the price dropped $30 overnight with one signature from him. Keystone XL would have covered literally 1.5% of all the needs, and you are brainwashed because you think that would drop the price significantly somehow, that would be like maybe 1.5 dollars drop on price even on a great day.

So, you can keep on making yourself believe that Trump was good. But Biden has been amazing for rest of us.

LOL.. let others decide who is brainwashed here. The issue is not about 1.5% or 15%. Even a 1.5% shortfall in supply (combined with further reductions from other issues) can double or triple the price of crude oil. The United States remain as the top oil producer in the world and it exports millions of barrels of crude every day to other countries (including India and China). You are retarded, if you believe that the impact from Biden's policies will be limited to the United States. And let me know the cheaper way in dealing with Venezuela. Do you even know how much oil Venezuela produces, in comparison with Russia?

xSkylarx

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Quote from: Sithara007 on March 12, 2022, 11:32:23 PM

Quote from: LUCKMCFLY on March 12, 2022, 11:07:24 PM

Each country has a greater restriction given the use of gasoline, especially those that have always imported gasoline, it is something normal, at the moment that Russia is blocking it, they have already made the decision not to buy Russian oil at least in the USA, and that It also affects gasoline, because gasoline is obtained from oil, and as the constant flow of oil in the world decreases, they have to depend on the Arab countries and some with high oil potential such as Venezuela, it currently surprises me how Biden is negotiating with Venezuela to guarantee the oil and therefore not suffer for it and intrinsically in Venezuela as gasoline is paid for with international tariffs, this means that the oil and gasoline business model in the world will become increasingly difficult, it will even become more expensive.

I wonder why the Americans are still tolerating this loser called Biden. When Trump was in power, the crude oil prices were hovering at around $40 per barrel. Since then the prices have risen by more than 200%. And the Russian invasion had only a small impact on this. The crude prices were already close to $100 per barrel, when Russia started its invasion. The real reason for the price rise is stupid policies from Biden, such as the termination of Keystone XL pipeline and prohibition of fracking in federal lands.

This is because of the economic sanctions that were given to Russia, but as a result, we are also suffering from the closing of those pipes. I think the war between Russia and Ukraine is the reason why the prices are higher now. If President Trump were still in office, I think Putin wouldn't be starting a war with Ukraine because he will also start a war with Russia. That is why Putin is really eager about this because he knows that it is only an economic sanction that biden will do

tbterryboy

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Quote from: Sithara007 on March 12, 2022, 11:32:23 PM

I wonder why the Americans are still tolerating this loser called Biden. When Trump was in power, the crude oil prices were hovering at around $40 per barrel. Since then the prices have risen by more than 200%. And the Russian invasion had only a small impact on this. The crude prices were already close to $100 per barrel, when Russia started its invasion. The real reason for the price rise is stupid policies from Biden, such as the termination of Keystone XL pipeline and prohibition of fracking in federal lands.

Mainly because they are not as brainwashed as you are. Because, it was around 50+ when Trump was in power almost all the time except a few times. Secondly, Biden is not the reason why the oil prices are high in the USA, you do realize that it is high ALL OVER THE WORLD right? I mean when you do not take oil from Russia and put sanctions against them, you are going to have a higher price on oil, and this is done by the whole world and not just Biden.

Secondly, even during a time like that, and even while west is still suffering a lot, Biden figured out a cheaper way by dealing with Venezuela and got them out, and the price dropped $30 overnight with one signature from him. Keystone XL would have covered literally 1.5% of all the needs, and you are brainwashed because you think that would drop the price significantly somehow, that would be like maybe 1.5 dollars drop on price even on a great day.

So, you can keep on making yourself believe that Trump was good. But Biden has been amazing for rest of us.

dbc23

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After the pandemic many switched to remote jobs making the demand for fuel skyrocketing. And since the supply is less than the demand there is no other options than a price upsurge. And many petrochemical companies has choosed to reduce their production rate in fear of another dreadful pandemic that could short down production process again.

This is not just an issue in Europe it seems to be a global challenge seeing that so many countries also have limited supply of fuel even when the need for it is on the high demand and this has even led to low quality production in some under developed countries

Ultegra134

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Quote from: Sithara007 on March 12, 2022, 11:32:23 PM

Quote from: LUCKMCFLY on March 12, 2022, 11:07:24 PM

Each country has a greater restriction given the use of gasoline, especially those that have always imported gasoline, it is something normal, at the moment that Russia is blocking it, they have already made the decision not to buy Russian oil at least in the USA, and that It also affects gasoline, because gasoline is obtained from oil, and as the constant flow of oil in the world decreases, they have to depend on the Arab countries and some with high oil potential such as Venezuela, it currently surprises me how Biden is negotiating with Venezuela to guarantee the oil and therefore not suffer for it and intrinsically in Venezuela as gasoline is paid for with international tariffs, this means that the oil and gasoline business model in the world will become increasingly difficult, it will even become more expensive.

I wonder why the Americans are still tolerating this loser called Biden. When Trump was in power, the crude oil prices were hovering at around $40 per barrel. Since then the prices have risen by more than 200%. And the Russian invasion had only a small impact on this. The crude prices were already close to $100 per barrel, when Russia started its invasion. The real reason for the price rise is stupid policies from Biden, such as the termination of Keystone XL pipeline and prohibition of fracking in federal lands.

That's correct, crude oil prices were already high enough before the invasion, the invasion didn't play that huge of a role in the current situation. It is true that we're now facing major records in electricity and fueling costs, however, it was a pre-existing situation, while the imposed sanctions in this case aren't helping at all.

I've seen that in USA they're selling stickers of Biden "I did this", and sticking them to gas pumps. Roll Eyes

Sithara007

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Quote from: LUCKMCFLY on March 12, 2022, 11:07:24 PM

Each country has a greater restriction given the use of gasoline, especially those that have always imported gasoline, it is something normal, at the moment that Russia is blocking it, they have already made the decision not to buy Russian oil at least in the USA, and that It also affects gasoline, because gasoline is obtained from oil, and as the constant flow of oil in the world decreases, they have to depend on the Arab countries and some with high oil potential such as Venezuela, it currently surprises me how Biden is negotiating with Venezuela to guarantee the oil and therefore not suffer for it and intrinsically in Venezuela as gasoline is paid for with international tariffs, this means that the oil and gasoline business model in the world will become increasingly difficult, it will even become more expensive.

I wonder why the Americans are still tolerating this loser called Biden. When Trump was in power, the crude oil prices were hovering at around $40 per barrel. Since then the prices have risen by more than 200%. And the Russian invasion had only a small impact on this. The crude prices were already close to $100 per barrel, when Russia started its invasion. The real reason for the price rise is stupid policies from Biden, such as the termination of Keystone XL pipeline and prohibition of fracking in federal lands.

LUCKMCFLY

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Each country has a greater restriction given the use of gasoline, especially those that have always imported gasoline, it is something normal, at the moment that Russia is blocking it, they have already made the decision not to buy Russian oil at least in the USA, and that It also affects gasoline, because gasoline is obtained from oil, and as the constant flow of oil in the world decreases, they have to depend on the Arab countries and some with high oil potential such as Venezuela, it currently surprises me how Biden is negotiating with Venezuela to guarantee the oil and therefore not suffer for it and intrinsically in Venezuela as gasoline is paid for with international tariffs, this means that the oil and gasoline business model in the world will become increasingly difficult, it will even become more expensive.

Ultegra134

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Oil prices have lost value the past 2 days (WTI Crude and Brent oil), dropping from $130 to approximately $110-112. Certainly not reassuring, but I guess it's better than nothing. Unleaded 95 petrol now costs €2.158/liter and diesel €1.998/liter in my area, a slight increase from my previous post. Rumors mention that the UAE might increase production, in an effort to replace Russia's imports, however, my knowledge on the subject is limited.

Ultegra134

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A little update, today I had a day off, we're pretty much changing prices on a daily basis, increasing in increments of 3-5 cents at a time, it's depressing.
These photos got sent to me by a colleague, prices are updated at almost the same time, every day, somewhere between 2-4 o'clock. Both photos display the new updated prices, one is for fuels while the second one is for heating gas oil.

They are expected to rise even further in the upcoming days, it's making life slowly miserable.

Topic: Fuel prices hitting an eight year high - page 6. (Read 3974 times)