Fuel prices hitting an eight year high - page 8.

Ultegra134

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Quote from: JohnBitCo on February 27, 2022, 11:21:17 PM

Quote from: Ultegra134 on February 27, 2022, 04:34:41 AM

Quote from: Sithara007 on February 26, 2022, 10:36:12 PM

Brent crude is now once again trading at double digits ($97.93 per barrel, when I last checked). Still this is almost 120% higher than the level we had during the Trump days. Russian invasion is just one of the minor factors that are having an impact on the oil prices. The real reason why the prices have gone up by this much is due to the policy changes from Biden administration (such as banning of fracking in federal lands and suspension of major pipeline projects). And in the end, all the oil consuming countries are witnessing a major rise in inflation, including the US.

Of course, this situation wasn't caused by the Russian invasion, however, it didn't help either, which was why oil prices surpassed $100/barrel a few days ago. A variety of reasons have caused this excessive rise in prices, such as Covid-19, and definitely political reasons, along with the rising inflation, it's a recipe for disaster, for the average household.

Do you think that these oil prices over 100$ per barrel will be sustainable ? I think its just a tempoarary rise in the price in reaction to the current situation. Once the situation normalizes, we can again see the fuel prices going down.

In case, the war is prolonged or there is some sort of nuclear weapons are are used and destruction is on a massive scale, then we may see even 200$ per barrel price but this will only happen in case of very bad situation.

Certainly not, it's going to be a temporary situation, however, oil prices were flirting with the $100 mark even before Putin invaded Ukraine. The condition was already dreadful, but it now got even worse, and it's condemned to worsen in the near future. The least thing that we'll care about if a nuclear war starts, is fuel prices.

As I've mentioned in another post, petrol has now surpassed €2/liter in quite a few areas here. The main concern is the rising inflation, in combination with the high fuel and energy prices, are creating an unbearable situation.

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Quote from: Sithara007 on February 27, 2022, 10:06:22 PM

Quote from: Mometaskers on February 27, 2022, 12:43:31 PM

This post was originally from October last year and wouldn't you know, it's at an ath again. Thanks Putin! Even if you're getting your oil from Gulf States the prices would still skyrocket. If ever they get sanction Russia and it includes their ability to sell oil, prices could probably go even higher than it is the past few weeks.

See the irony. The Russo-Ukrainian crisis is causing the oil prices to skyrocket, which in turn means tens of billions of USD worth of additional revenues to the Russian war chest. Biden caused this with his stupid energy policies. During Trump era, crude oil was trading at $40-50 per barrel and Putin would have never thought about invading any other country. And he is bringing additional sanctions to target the Russian oil industry in the long term, which will not have any immediate impact on the oil prices. BTW, Brent Crude is now back to three digits.

Yes, it would take a while before sanctions on Russian oil make any difference to Putin's income. I also doubt that the EU is just going to stop buying Russian oil/gas at this time, that would probably wait till April.

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Quote from: JohnBitCo on February 27, 2022, 11:21:17 PM

Do you think that these oil prices over 100$ per barrel will be sustainable ? I think its just a tempoarary rise in the price in reaction to the current situation. Once the situation normalizes, we can again see the fuel prices going down.

In case, the war is prolonged or there is some sort of nuclear weapons are are used and destruction is on a massive scale, then we may see even 200$ per barrel price but this will only happen in case of very bad situation.

I believe that it's going to be temporary but this is the logical thing that many have observed whenever oil price increases. It's easy to increase but whenever it's about to go down, there's should be a big market postponement just like during the first week of lock downs worldwide. Fuel's price was actually down by that time and it hit an all time low. While on this time, it's going all time high due to the war of Russia and Ukraine. I think that when these countries becomes stable and the war has ended, we're going to see a stable price again for the fuel/oil but it will no longer be that low just as before.

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Quote from: Ultegra134 on February 27, 2022, 04:34:41 AM

Quote from: Sithara007 on February 26, 2022, 10:36:12 PM

Brent crude is now once again trading at double digits ($97.93 per barrel, when I last checked). Still this is almost 120% higher than the level we had during the Trump days. Russian invasion is just one of the minor factors that are having an impact on the oil prices. The real reason why the prices have gone up by this much is due to the policy changes from Biden administration (such as banning of fracking in federal lands and suspension of major pipeline projects). And in the end, all the oil consuming countries are witnessing a major rise in inflation, including the US.

Of course, this situation wasn't caused by the Russian invasion, however, it didn't help either, which was why oil prices surpassed $100/barrel a few days ago. A variety of reasons have caused this excessive rise in prices, such as Covid-19, and definitely political reasons, along with the rising inflation, it's a recipe for disaster, for the average household.

Do you think that these oil prices over 100$ per barrel will be sustainable ? I think its just a tempoarary rise in the price in reaction to the current situation. Once the situation normalizes, we can again see the fuel prices going down.

In case, the war is prolonged or there is some sort of nuclear weapons are are used and destruction is on a massive scale, then we may see even 200$ per barrel price but this will only happen in case of very bad situation.

Sithara007

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Quote from: Mometaskers on February 27, 2022, 12:43:31 PM

This post was originally from October last year and wouldn't you know, it's at an ath again. Thanks Putin! Even if you're getting your oil from Gulf States the prices would still skyrocket. If ever they get sanction Russia and it includes their ability to sell oil, prices could probably go even higher than it is the past few weeks.

See the irony. The Russo-Ukrainian crisis is causing the oil prices to skyrocket, which in turn means tens of billions of USD worth of additional revenues to the Russian war chest. Biden caused this with his stupid energy policies. During Trump era, crude oil was trading at $40-50 per barrel and Putin would have never thought about invading any other country. And he is bringing additional sanctions to target the Russian oil industry in the long term, which will not have any immediate impact on the oil prices. BTW, Brent Crude is now back to three digits.

Mometaskers

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This post was originally from October last year and wouldn't you know, it's at an ath again. Thanks Putin! Even if you're getting your oil from Gulf States the prices would still skyrocket. If ever they get sanction Russia and it includes their ability to sell oil, prices could probably go even higher than it is the past few weeks.

Ultegra134

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Quote from: Sithara007 on February 26, 2022, 10:36:12 PM

Brent crude is now once again trading at double digits ($97.93 per barrel, when I last checked). Still this is almost 120% higher than the level we had during the Trump days. Russian invasion is just one of the minor factors that are having an impact on the oil prices. The real reason why the prices have gone up by this much is due to the policy changes from Biden administration (such as banning of fracking in federal lands and suspension of major pipeline projects). And in the end, all the oil consuming countries are witnessing a major rise in inflation, including the US.

Of course, this situation wasn't caused by the Russian invasion, however, it didn't help either, which was why oil prices surpassed $100/barrel a few days ago. A variety of reasons have caused this excessive rise in prices, such as Covid-19, and definitely political reasons, along with the rising inflation, it's a recipe for disaster, for the average household.

Sithara007

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Brent crude is now once again trading at double digits ($97.93 per barrel, when I last checked). Still this is almost 120% higher than the level we had during the Trump days. Russian invasion is just one of the minor factors that are having an impact on the oil prices. The real reason why the prices have gone up by this much is due to the policy changes from Biden administration (such as banning of fracking in federal lands and suspension of major pipeline projects). And in the end, all the oil consuming countries are witnessing a major rise in inflation, including the US.

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Quote from: The Sceptical Chymist on February 03, 2022, 02:36:44 PM

Quote from: Ultegra134 on January 16, 2022, 04:48:45 AM

Quote from: timerland on January 15, 2022, 07:49:15 PM

The ridiculous thing about this oil crisis is that it's not even captured by the inflation figures that we have.

That's interesting, I didn't actually know that, I thought that inflation also included gas prices, but it seems like it doesn't.

No, and that's one of the reasons why the inflation reports are skewed, i.e., it can "feel" like inflation is much higher than what the government is telling you. Even consider things like stocks and bitcoin--those are both rocketing up in value (price), but they're obviously not included in the inflation numbers even though their prices are being inflated over time.

By the way, gas prices are still pretty high in my area, but they haven't gone up much (if at all) since I last posted in this thread. I don't really keep an eye on oil prices--or even gas prices--but I'd guess that if gas were to start going for over $4/gallon, I'd be hearing about it on the news. But even still, gas was more expensive than that back in 2004 or so, when the dollar was worth slightly less. So $3.50/gallon is high but not record-breaking high, and I know it's way more expensive in other parts of the world.

Yep - core inflation does not capture any of the oil price shocks.

Brent Crude hitting $100/gallon is only going to be the start of this oil crisis. War takes oil, and the sanctions doesn't help the cause.

Hopefully the Fed does something about the inflation domestically while concentrating on the abroad situation as well. Otherwise, they'd be shooting themselves in the foot as their domestic citizens will suffer a terrible fate as well. Although, I'm not confident that they'll actually do anything.

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Quote from: Ultegra134 on February 26, 2022, 04:35:15 PM

I am guessing that some deals are getting done between the west and Saudi Arabia right at this moment. Since Russia is the "bad" guy whereas Saudis are using the guns they bought from the west and use it to kill Yemeni people, and not westerners, west still loves the horrible anti-human right Saudi kings and princes. They have a ton of oil as well and could help west nations to get back on track without the need of Russians. Thats when the prices will start to lower, its going to take a while for the infastructure to be done, but the oil is there and they could potentially recover all the lost oil from Russia just from one single nation.

Ultegra134

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Fuel prices continue soaring, after Putin's Invasion in Ukraine, surpassing $100 in 23th of February, for the first time after 14 years. Unleaded 95 petrol now costs €1.95/liter and diesel €1.66, fueling up an average car with a 40-45 liter tank would now cost somewhere between €78 - €87 for petrol and €66 - €75 for diesel. Such fueling costs are disastrous for the average household, which could possibly account for 1/6th of an individual's income.

Hopefully (or maybe not), Russia's energy sector was excluded from the sanctions, which resulted in a 20% drop in oil and energy prices.

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Quote from: mia_houston on February 02, 2022, 02:48:00 PM

According to what I read on Bloomberg on February 1 last, reportedly the increase was triggered by the current geopolitical problem between Ukraine and Russia, the ongoing conflict on the border between the two countries has made world oil prices rise by $88.26 per barrel.
Organization of the Petroleum Exporting Countries (OPEC), will try to reduce the increasing price increase, by OPEC plans to increase the amount of oil supply later to be able to reduce world oil prices, but even so, certainly oil prices will not be able to immediately fall rapidly and it is likely that these countries will take profit advantage of rising oil prices first before they return to stabilizing oil prices.

Before that issue came out, the price of fuel was already increasing.

And it became higher when this issue has came out and now, we can't nothing but just to accept that these price hikes would keep going on until that conflict with Russia and Ukraine is solved.

There's just a price hike in the local station two weeks ago and then last week, there's another hike and I guess by next week, there will be another one.

Ultegra134

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Quote from: The Sceptical Chymist on February 03, 2022, 02:36:44 PM

Quote from: Ultegra134 on January 16, 2022, 04:48:45 AM

Quote from: timerland on January 15, 2022, 07:49:15 PM

The ridiculous thing about this oil crisis is that it's not even captured by the inflation figures that we have.

That's interesting, I didn't actually know that, I thought that inflation also included gas prices, but it seems like it doesn't.

No, and that's one of the reasons why the inflation reports are skewed, i.e., it can "feel" like inflation is much higher than what the government is telling you. Even consider things like stocks and bitcoin--those are both rocketing up in value (price), but they're obviously not included in the inflation numbers even though their prices are being inflated over time.

By the way, gas prices are still pretty high in my area, but they haven't gone up much (if at all) since I last posted in this thread. I don't really keep an eye on oil prices--or even gas prices--but I'd guess that if gas were to start going for over $4/gallon, I'd be hearing about it on the news. But even still, gas was more expensive than that back in 2004 or so, when the dollar was worth slightly less. So $3.50/gallon is high but not record-breaking high, and I know it's way more expensive in other parts of the world.

I work at a gas station, thus, I see these changes on the spot. We've been updating our prices every one or two days, for the past two weeks, it's both depressing and tiring. Not to mention how annoying customer moaning and complaints are, people are starting to tire out with the situation, which is about to become worse and worse, especially when filling up your car consists more than 1/10th of your monthly salary.

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Quote from: Ultegra134 on February 03, 2022, 02:20:13 PM

Quote from: Sithara007 on February 03, 2022, 12:30:08 PM

Right now, brent is being traded at $89.99 per barrel. It is just a matter of time before we get to three digits. There are two important reasons for this spike. First of all, the inflation rate in the US is going up and the purchasing power of the US Dollar is in freefall. And secondly, the COVID situation is improving around the world and this has resulted in a surge in demand for crude oil. At the same time, the oil production has remained flat. Even the shale oil producers within the United States are not rushing in to increase their production.

It's at $91 right now, steadily rising the whole week, it's definitely going to surpass $100 soon. The geopolitical tension created by Ukraine and Russia is said to be one of the causes for the price spike, however, multiple factors have led us to this situation, which is only going to get worse.

Only the announcement of Omicron managed to dent the demand, but that incident was short-lived.

It was already been anticipated on previous year.

https://www.local10.com/news/local/2022/01/19/several-issues-lead-experts-to-predict-rise-in-gas-prices-as-we-get-further-into-2022/
https://www.forbes.com/sites/daneberhart/2022/01/10/drivers-should-prepare-for-higher-prices-at-the-pump-in-2022/?sh=5e716e153940

Not really bad to read it up yet this would give out at least some idea on why we are on this condition.

The Sceptical Chymist

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Quote from: Ultegra134 on January 16, 2022, 04:48:45 AM

Quote from: timerland on January 15, 2022, 07:49:15 PM

The ridiculous thing about this oil crisis is that it's not even captured by the inflation figures that we have.

That's interesting, I didn't actually know that, I thought that inflation also included gas prices, but it seems like it doesn't.

No, and that's one of the reasons why the inflation reports are skewed, i.e., it can "feel" like inflation is much higher than what the government is telling you. Even consider things like stocks and bitcoin--those are both rocketing up in value (price), but they're obviously not included in the inflation numbers even though their prices are being inflated over time.

By the way, gas prices are still pretty high in my area, but they haven't gone up much (if at all) since I last posted in this thread. I don't really keep an eye on oil prices--or even gas prices--but I'd guess that if gas were to start going for over $4/gallon, I'd be hearing about it on the news. But even still, gas was more expensive than that back in 2004 or so, when the dollar was worth slightly less. So $3.50/gallon is high but not record-breaking high, and I know it's way more expensive in other parts of the world.

Ultegra134

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Quote from: Sithara007 on February 03, 2022, 12:30:08 PM

Right now, brent is being traded at $89.99 per barrel. It is just a matter of time before we get to three digits. There are two important reasons for this spike. First of all, the inflation rate in the US is going up and the purchasing power of the US Dollar is in freefall. And secondly, the COVID situation is improving around the world and this has resulted in a surge in demand for crude oil. At the same time, the oil production has remained flat. Even the shale oil producers within the United States are not rushing in to increase their production.

It's at $91 right now, steadily rising the whole week, it's definitely going to surpass $100 soon. The geopolitical tension created by Ukraine and Russia is said to be one of the causes for the price spike, however, multiple factors have led us to this situation, which is only going to get worse.

Only the announcement of Omicron managed to dent the demand, but that incident was short-lived.

Sithara007

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Right now, brent is being traded at $89.99 per barrel. It is just a matter of time before we get to three digits. There are two important reasons for this spike. First of all, the inflation rate in the US is going up and the purchasing power of the US Dollar is in freefall. And secondly, the COVID situation is improving around the world and this has resulted in a surge in demand for crude oil. At the same time, the oil production has remained flat. Even the shale oil producers within the United States are not rushing in to increase their production.

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Quote from: Sithara007 on January 15, 2022, 09:24:37 PM

Brent crude at $86.06 per barrel, with a bullish outlook. This is extremely concerning for oil importing countries such as China, Japan and India. And at the same time, this is going to further worsen the inflation crisis in the West. One interesting thing to note here is that the shale oil producers in the United States are ramping up their production, especially in formations such as Permian and Eagle Ford. And this influx has resulted in a spread of $2-$3 between West Texas Intermediate (WTI) crude and the Brent Crude.

According to what I read on Bloomberg on February 1 last, reportedly the increase was triggered by the current geopolitical problem between Ukraine and Russia, the ongoing conflict on the border between the two countries has made world oil prices rise by $88.26 per barrel.
Organization of the Petroleum Exporting Countries (OPEC), will try to reduce the increasing price increase, by OPEC plans to increase the amount of oil supply later to be able to reduce world oil prices, but even so, certainly oil prices will not be able to immediately fall rapidly and it is likely that these countries will take profit advantage of rising oil prices first before they return to stabilizing oil prices.

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Quote from: Ultegra134 on February 02, 2022, 02:04:48 PM

Quote from: ReiMomo on February 02, 2022, 01:17:33 PM

Quote from: Ultegra134 on February 02, 2022, 12:28:59 PM

Fuel prices continue rising here in Greece, costing €1.89/liter for Unleaded 95 petrol and €1.60/liter for diesel. Crude oil price has settled at approximately $90 per barrel, surpassing 15% rise in price just in January, while many energy analysts predict that it will soon rise over $100/barrel.

I never expected the situation to turn like this, along with the rising inflation, higher prices and so on, is making the whole condition depressing.

Here too as well. Usually I notice the price of Petrol and often I ignore the price of Diesel. Today I had to go to a petrol bunk near me and and noticed Diesel more than $1.20 Plus. Where are we moving towards. Have a plan of buying a car. So thought if it would be correct to go for a electric car or a car with either diesel or petrol. I am sure the price will increase more. Even other products price as well has gone high due to this fuel price increase. But the salary remains the same. Sad.

It's a vicious cycle, transportation costs have skyrocketed, leading to price increases in the majority of products found in the supermarket. We supposedly received a 2% raise on minimum wage, which is nothing compared to what inflation has caused. Personally, I'd wait in case I wanted to buy a vehicle, wanted to buy a motorcycle in the next few months but not sure how I'll proceed.

Where are you from, if you don't mind me asking?

When buying a car or motorcycle then you would really be thinking off if it would really be worth or you could really save up but if you do see that commuting would still save you up then
then its your choice to halt such decision but if you do really love that comfort and privacy by having a car without minding about spending on gas or diesel then go ahead.
Prices not only on fuel but also in other things as well like food etc. . The thing we do need is to have other source of income on at least able to
sustain ourselves on this condition.

Ultegra134

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Quote from: ReiMomo on February 02, 2022, 01:17:33 PM

Quote from: Ultegra134 on February 02, 2022, 12:28:59 PM

Fuel prices continue rising here in Greece, costing €1.89/liter for Unleaded 95 petrol and €1.60/liter for diesel. Crude oil price has settled at approximately $90 per barrel, surpassing 15% rise in price just in January, while many energy analysts predict that it will soon rise over $100/barrel.

I never expected the situation to turn like this, along with the rising inflation, higher prices and so on, is making the whole condition depressing.

Here too as well. Usually I notice the price of Petrol and often I ignore the price of Diesel. Today I had to go to a petrol bunk near me and and noticed Diesel more than $1.20 Plus. Where are we moving towards. Have a plan of buying a car. So thought if it would be correct to go for a electric car or a car with either diesel or petrol. I am sure the price will increase more. Even other products price as well has gone high due to this fuel price increase. But the salary remains the same. Sad.

It's a vicious cycle, transportation costs have skyrocketed, leading to price increases in the majority of products found in the supermarket. We supposedly received a 2% raise on minimum wage, which is nothing compared to what inflation has caused. Personally, I'd wait in case I wanted to buy a vehicle, wanted to buy a motorcycle in the next few months but not sure how I'll proceed.

Where are you from, if you don't mind me asking?

Topic: Fuel prices hitting an eight year high - page 8. (Read 3994 times)