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Crude oil has dropped below $100, the first time in months after touching the highest level since 2009, at $130/barrel. Oil prices have dropped the past two months, with both Brent and WTI Crude trending below the $100 level ($91 for WTI and $97 for Brent oil). According to Oilprices.com, consumers have already seen a slight relief in gas prices, dropping from the historic average of $5/gallon down to $4.16.

Haven't checked in other European countries, but in Greece it has only dropped a few cents till now, I'm expecting it to drop within the next week though (from €2.45 to €2.20 in my area at least). It is believed that oil could fall below $90 if inflation persists, something which is highly unlikely to change since it simply keeps rising, driving leading to large price increases in basic necessary goods.

Have you seen any significant drop in gas prices in your area? Will oil drop even further, despite the ongoing war?

From what I know, in Romania the price has dropped some 10 eurocents (maybe even less than that) from the price we had some 2-3 weeks ago.
But, also from what I know, the drop in the international prices for oil is seen here in the gas prices some 10-14 days later, so let's give them a little more time.


This is hard to tell, but I would expect that OPEC strikes some deals and adjusts the flow in a way the prices stabilize at the levels agreed (between the members of OPEC and big players like US).
While they do want to earn as much as possible, they also know that if they ruin everybody, then they won't have customers on the long term.

There's a common saying when it comes to gas prices, the price goes up like a rocket and floats slowly down like a feather. There is actually a strong correlation between oil prices hitting record highs and a recession following shortly after, but there is a lot going on around the world right now so it's hard to gauge what will happen. Inflation is going sky high as well in many countries, which stifles demand but Covid caused a lot of disruption. You just have to wonder when any pent up savings and demand left over from the Covid effect will wear out. China is also struggling at the moment, which is reducing demand, because of this zero-covid policy causing a lot of lockdowns. It's a really unpredictable environment right now.

Yes!

There has been I think two or three weeks of continuous roll back and that's what I need to see more of it. If the trend for oil goes down, I'm sure that there will be a massive domino effect and hopefully it goes to the other industry players that they'll have a roll back as well.

Since with all of the rates have went high, I know that when it comes to roll back prices of goods there's a slight difficulty. But, if the trend goes on, I hope that most of these companies will have a consideration and follow the trend as well of decrease in price.

That's correct, right when the war started, gas prices quickly skyrocketed within a few days, now that crude oil is dropping, price changes are subtle and take days or even weeks to appear at the pumps. I'm not expecting a miracle to happen anytime soon, since the exchange rate of EUR/USD is almost 1:1, but a slight relief is better than nothing.

The main concern is the rising inflation, which isn't going to stop anytime soon, everyday goods are seeing major price increases day by day.

We've experienced rollback after rollback of petrol prices here in our country but it is still significantly expensive compared to where it was just over a year ago. We're still sitting @ $5 a gallon even though we've already had some rollbacks in the past two weeks. Hopefully it doesn't stay at its current levels and still go down further, but the supply is still not enough to cover around the world and we all know historically that when gas prices come up, they come down so long.

Who cares the fall of crude oil in Nigeria Delta. From the onset of 1956 when crude oil was found in Niger Delta region the federal government and the State Governments have not Developed the area compared to the abundant natural resources it has produced in the country. I even prefer there is no crude oil in Nigeria. Let me shock you. There are 3 Deltas in the whole world. One is in China then American Mississippi Delta and finally, Niger Delta in Nigeria, China and America Developed their Deltas to the standard level but Niger Delta in Nigeria is left over to decay. In fact it is a squalor in Nigeria and crude oil is found and exploring in this dark area of the country. If I wish there is no crude oil in Niger Delta. The GDP produces in the area is more than her population yet it is the most poverty region in the history of Nigeria. There crude oil price has nothing to do with this part of the world.

That's right.

I'm happy to see it rolled back but still we need to get back from where it was before or even close at it even with a gain. With my calculations, we're still near half from where it is right now and from where it was a year ago.

I guess there will be a long series of decrease per week until we reaches back there once again. As the price of oil drops, hopefully it gets consistent each week below $100.

In the case of Venezuela, we still have a price of 0,50 $/ Liter, since 2020 when we started to have problems with our oil-processing infrastructure (added to our already existing problems of extraction), now we have also subsidized gasoline, there are about 120 Liters per month we can adquire at a very cheap price, almost symbolic, adquiring subsidized gas can be very simple or take a bit of work the day prior the purchase, depending on where one lives.
Oil prices mostly impact of national budget rather than our gas prices.

Are you rationed to the 120 litres or is that just what you can get for the discounted rate there?


How far would you expect it to fall though? I doubt we'll ever be back down to pandemic levels, somewhere around £1.20/€1.4/$1.4-£1.4/$1.7/€1.7 per litre would be around where I'd expect it to stabilise if there is enough supply and a dip in demand (due to the prices being high and also maybe less travelling after the summer - for the northern hemisphere at least).

There is really a big politics in each and every country. In my country oil is the major thing that drives the government. So, when the crude oil price increases in the global market the same will be made within the country. When there is decrease in the price per barrel, the same won't be applicable. Here common people need to make protests and several other contempts, only after hard opposition we'll experience a small drop in the price.

When we make such efforts and lower the price, once again the global price per barrel increases and the same will be imposed on the price. In specific the price is not a big thing, it is the tax that makes oil more expensive.

It is the same story as always, if the price of oil goes up then gasoline goes up in price as well, but if the prices go down then the price remain close to the current levels and they make a fortune due to the increased margin of profits, however it is doubtful whether or not the price of oil will remain that low as it seems a conflict between China and Taiwan seems to be imminent and if that is the case I think the price of oil will skyrocket again.

Here in India, we can't expect any significant drop unless the price goes below $80 per barrel. As of now, the government owned refiners such as BPCL and IOC are incurring losses close to $0.20 per liter of gasoline, because the authorities have refused to increase retail price. The cost of production remains at around $1.40 (including taxes), and they are selling it at around $1.25 per liter. The government has refused to reduce the taxes any further. Some of the losses are offset with imports of discounted crude from Russia, but it is not enough. The three government owned companies (IOC, BPCL and HP) are estimating their losses at $1.35 billion just for the first quarter of 2022-23. 

Gasoline prices suddenly dropped due to fears of a global recession, but I don't think this decline will last.
Organization of Petroleum Exporting Countries (OPEC) yesterday announced an increase in production to balance world demand, but with an increase of 100,000 bpd/day, this is a negligible increase and will not make too much of a difference to the current energy crisis.

The war is bound to happen, the US cannot defend Taiwan forever. But it won't happen soon, conflict with the US right now is not in China's favor, when its economy is somewhat slowed down because of the zero covid policy. When war breaks out, the US and its allies will impose sanctions on China and will bring their economy to a standstill.

Urals $93.31 per barrel everything depends only on ruZZian oil :)

I read about the reasons for such a fall! This reason, attention - "Oil quotes are falling during trading on Wednesday evening after the release of data on energy reserves in the US and the publication of the results of the OPEC + meeting."

No, this is not even an increase in production, which is guaranteed to be, and not the EU's refusal to purchase oil from Russia, which will happen a little later.

Soon China and India will demand money from the country of the terrorist so that they pay them for taking oil that no one needs :)

Gasoline is down at about 15 Eurocents and diesel at around 10 Eurocents here.
You have to take into account how much the price is the oil, how much are taxes, and how much the other expenditure of the refineries and petrol stations and the usual VAT. Because if out of those 2.45 50% are taxes there is no way even with oil at zero for gas to be under 1.40-1.60 with all costs. Just checked for Greece (https://gr.fuelo.net/fuel/type/gasoline/2years?lang=en) and the cheapest gas ever was at 1.28, during the lockdown.


It could fall even further and not because of inflation alone but because demand destruction starts to crawl in.
Once people are afraid of spending or can't afford to spend, there goes the demand so down with the prices but of course, it's not a complete circle until some providing the goods will go bankrupt or shutting down as they have no customers, squeezing offers and then the matter starts to get in somewhat of an equilibrium. That is if not some other shit happens somewhere in the world.

That's why things like the barrel at $300, like some doomsayers think, can't really happen because once the price hit that there will be nobody affording it, nobody buying so the prices will go themselves down, it's basic economics.


Yeah, $74.74 as we speak, and that's the price that some pay, most buy it well under the price for hefty discounts directly at the source.
So much for the billions in extra profits, they are on the same level as 2018 now.  ;D

LE:
One hour later, and WTI dropped below $90, for the first time since February 10th.

And this is provided that the flywheel of solutions and problems in the gas / oil market has just started!
For example, today Russia has already begun to reduce gas production. It seems to be something like this? But this is the first step towards conservation, and for Russia this actually means the closure of gas wells, since reactivation, technologically, is not available to Russia. Now they have started stupidly burning gas, then - conservation ...
Source https://lenta.ru/news/2022/08/04/ne_dostavajsya_zhe/

The same goes for oil :)

  The price of crude oil has dropped down due to the fear of recession in the world. In my country petroleum and gasoline price still remains the same because our government is looting from the crude oils funds. My country has never reduced the price of petroleum product of gasoline instead they always increase the price time to time for their own benefit.
  Crude oil is my country major export commodity, with the declination in crude oil price this might lead to more inflation and hardship in the country.

Same here, dropped around €0.20/liter, but it's still too expensive to notice. Gas was always expensive in Greece, due to high taxation and excise tax, which is up to €0.70/liter. Covid-19's quarantine drove prices down n 2020, the lowest I've ever seen them, at €1.33/liter, it felt so cheap fueling up back then.

Personally, I've cut my fuel usage up to 2/3 of what it was in the past 2 years, I've resorted to using my motorcycle, which uses half of what my car is, while due to long hours working and the less available income, I'm no longer capable of using my car for leisure purposes. Oil continues to tumble, the only positive thing happening with all these excessive prices.

P.S Great website, provides great inside on fuel prices

By the way, reducing the consumption of gasoline / diesel fuel is a good step both to reduce the burden on the family budget and to help the global crisis. I recently sold my 4 liter Toyota Prado, I am going to buy a hybrid car for long trips, and an electric car for city trips, exclusively for the home-office-shop-home cycle, which is 90% of the total trips. In Ukraine, gasoline / diesel fuel has also skyrocketed in price, it's time to reduce dependence on such a resource

The thing is.... large oil producers know that inflated prices will lead to demand slowdowns by the consumers and this will hurt their profits in the long-run. The consumer will be unable to pay the huge price increases and the direct result will be a cut back on travels or a shift to electric cars.

So, they just increase production to prevent slowdowns and to stimulate the demand side of the market and people still continue as usual. These rich b@stards just know how to manipulate the markets and the governments work with them, because they get a lot of tax levies in return.  ::)

What else can you do, there's no other choice. I used to spend up to €150-€200 for petrol for my car, on a monthly basis, but I was always on the move, traveling back and forth. Currently, I'm spending at least €80-€100 for petrol, only for my motorcycle, just to commute to work. If I used my car as much as I used it the previous years, I'd have to spend over €300/month.

Well, that's the sad truth that I have to accept that we won't be back there anytime sooner. I have already accepted that fact but thinking that it will be back there just as before, I've got nothing to lose.

Oh well, another possible turmoil that's going to make the price rise again.

The issue with Taiwan and China, although, others might not be affected by it but the close nations could be affected by it and can be said that it will be another reason for some price increase as the tension rises and demand for oil will be there again to increase.

I thought there were spikes in prices, actually, so I'm happy to hear that they're going down. It would be good both for consumers and for ending the war, as Russia will get less money from selling oil and gas, ergo less money to shell cities of a sovereign state. I also hope that the world will finally start moving away from gas and oil as such, though, since global warming is still an alarming issue and we must do what we can to make its impact less negative. Unfortunately, the current circumstances aren't very welcoming for eco-friendly initiatives because those need long-term strategies, though, and the war is making people look for short-term things.

Nowadays, we can buy how much fuel we want at 0,5$ /Liter, but if we want to buy gas at ridiculously low prices there is a limit of 120 Liters per month for each vehicle owner.
In some cities is easier to buy subsidized gas than others, it is a line of about 7 vehicles and you are ready to go, on the other hand, there are other ones which have a higher demand because mining opperations, so in order to access the almost free gas one needs to join a telegram Channel to receive a notification according to one's vehicle plate. As soon as the notification is sent,people get in the line to mark the vehicles which will refuel early next morning.

That is a bit good for the Asian countries, as inflation is sucking the life of the poor community here so now here you need to know that this can directly impact the local civilians here as maximum transports can enjoy less cost to generation power. that can be a little relief in the economic crisis especially for Pakistan as i know that 100% increase in price of the fuel how it looks like and how it destroy the local jobs and transportation so now i am expecting the decrease of the fuel prices over here and with that being said the efficient decrease in the prices of the Electricity is possible. Good time expected by me as compared to the time we are spending here. 

This is great. Now people can ride on their vehicles again because many of them have been using bicycles for a while to go their work or go on some places but there are some that commutes for a while but the fair rates are also increasing. A few cents drop is still better I guess especially if you are buying more liters of oil. You can save a lot of money already as when compared to its previous price.

If inflation persists then I don't think the drop of the price can continue. You said that increase in oil price can also drive the price of the food higher, so this means that this decrease of oil price can also lead for the price of the goods to get lowered? That would be great if that's how it works.

I feel like refineries pumped the price much more than they should have, expecting shortages. Crude went up but refined products went up more in relation and did not go down when crude fell.
You could see it in June when crude went from 120 to 104 but gas didn't budge. It was at its peak for over a month. I think it started going down maybe 2 weeks ago so it needed a whole month to react to the crude drop. It's because of taxes and the premium that refineries overcharge. They made a lot of money on these shortages and we paid for it. We still do.

Here in NJ ,USA

5.07 to 4.27 a gallon

and in some spots 3.95 a gallon


https://www.gasbuddy.com/gasprices/new-jersey

There were plans to release oil from america's strategic petroleum reserves in an effort to reduces gas prices. It is possible that these initiatives are finally manifesting themselves in market prices.

Biden proposed suspending the federal gas tax which is an excellent measure I support. Unfortunately, it seems the proposal was buried and might never see the light of day again.

2022 is an election year for the USA. All types of craziness occur in the year and a half leading up to elections.

I think Osama Bin Laden was assassinated prior to previous elections. General Soleimani may have been as well.

Pre election stunts and gimmicks can reach levels of epic proportions. Politicians definitely want the public feeling better gas prices before heading to voting booths, I would guess.

Interesting thing to see, oil does not have any particular reason other than being summer, so it may be just an seasonal effect that does not matter for the long term forecast. However, it is clear that there are years of underinvestment in oil production ant the ESG tendency is not helping to raise production. We are maybe trying to be green all the sudden.

OPEC has increased the production by around 0.1%. Americans have been releasing oil from the Strategic Petroleum Reserve (SPR) like there is no tomorrow. The Biden administration ordered this, because he knows that his party is fucked for the November elections. The issue here is that, once the election is over this gimmick will stop and the crude prices will be back to $120-$130 level. And in the end the American public will suffer. Because they are getting rid of the reserves in SPR when the prices are <$100 per barrel. And most probably it will be refilled when the prices are at least 30% higher.

Crude is dropping for a few reasons.

First reason is that production has increased slightly. So there is more supply in the markets.

Second reason is that demand has decreased slightly as well. People are basically driving less. They only take trips they need and don’t waste gas driving around in a circle.

Every government is unique in the way they control the prices for their nations gas. Unfortunately, some governments are managing it poorly such as India. Though westerners suffered with Russia Ukraine war and gas cut offs and Russia increased the export to India at lowered prices, India seen no change in the gas prices. The fuel is enormously higher than other nations around. With the current price drop, there is no change at all.

Problem is with central tax and state tax system. You will literally find different taxes and thus prices from one state to another state within same country.

Its managed in most horrible way you can have.

I didn't see any considerable amount of drop in the price of fuel in my country and I don't think it will happen as well in most of the countries, apart from the inflation these government may take advantage of the drop in crude oil price by increasing the taxes to the same level so they can generate more tax revenue which maybe helpful to solve existing economy related issues.

I was expecting to see this happening but not that soon, just after the war started between Russia and Ukraine and especially after what Putin said about selling oil to other countries the prices started to rise sharply and we all know any sharp price movement like this one needs to have a rest, in the other hand the Europian countries are trying to find an alternative for Russia and this will surely decrease the price, especially in Europian countries.

I have a bad feeling about all this. By the first week of November, the selloff from SPR is going to stop and crude will be back to >$120 levels (or much higher than that). The only factor this is pulling down the price is the massive selloff by the American administration from their SPR. They don't have any reason to continue with it, once voting closes on 8th November. And even worse, the Americans may try to refill the SPR which should be almost empty by then. I won't be surprised if the crude oil prices cross $150 per barrel level.

From my understanding I am sure that the adoption of cryptocurrency as dominant the life system of crude oil so I believe that if crude oil is trying to get another value or another increment in the price that means the people is not returning into crude oil investment because since the introduction of cryptocurrency nobody is interested to invest its money in the crude oil session so for crude oil to reach $100, that means it is having a good potential in which people cannot invest into it, but the way I am seeing Bitcoin I don't think that the influence of Bitcoin will allow crude oil to grow again

I felt I needed to take a look at it after reading your post. I was aware Biden's Administration was releaing a significant percentage of those reserves, but then I realized it was way more than I thought it was.

Source: https://www.eia.gov

According to that graph, the Strategic Petroleum Reserves of USA are at the levels of 1986!
So the scenario you explained may be indeed possible depending on how fast the government wants to replenish their SPR and whether they plan to do it with foreign or national production.

This seems to be quite a political move looking foward to November rather than part of a long term plan to relieve common citizens from high energy prices...

I don't know what can save the Democratic rating, for example, apart from unleashing an armed conflict with China to protect the freedom of democracy in Taiwan. The war will write everything off.

Interesting insight from both of you, didn't actually know that USA is selling their crude oil reserves, a move that will only temporarily relieve the market. I'd like to see how this progresses in the upcoming months. Unfortunately, I was also expecting that this could only be a non-permanent drop in oil prices, since Russian oil imports are yet to be replaced, while the war isn't stopping anytime soon.

Your understanding will become deeper and more complete if you carefully consider the idea that Biden does not really need cheap oil and cheap gasoline. Expensive oil makes shale mining profitable in the United States, and expensive gasoline makes the transition to electric cars more attractive in the eyes of Americans (which directly fits into the democratic green agenda).

Oil prices in general will be volatile for the next year or so. The war, in general, has defected it, but also Europe urgency to move towards renewable green energy will leave the oil prices will be all over the place. Especially since there is a strong incentive to be less gas dependent, and that switch takes time, it might be some time before we see oil stable.

August 5, 2022:
Brent - 94.2
WTI - 88.4
Urals - 90.68

And you can hysteria as much as you like that "this is all temporary, without Russian oil everyone will die" :) And ahead is the EU's rejection of terrorists' oil, the EU's rejection of terrorists' gas is still ahead. It's funny to listen to hysterical fantasies, those who, by self-hypnosis, prove the greatness of the miserable old terrorist :)

Crude oil prices are always cyclic so no surprise here, won't be surprised to see them drop even lower.  However, I believe the sustainability on price drop and subsequent stabilization will be more known by winter.

I don't know where you've got that data but don't give them false hopes...
https://www.investing.com/commodities/crude-oil-urals-spot-futures
Ural spot is at 72.18 after taking a tumble to 68.88 so Putin, the Masterchesschef has managed to create a situation where he is forced to sell oil at prices equal to 2018 and 2019 levels, but that is only on paper since for any actual takes they have to give 10-20$ in discount for the risk , so he is basically selling the oil lower thna the fiscal breakeven point and closer to actual extraction breakeven for arctic offshore oil.

But wait for the expert in economics to tell us how oil will reach 30000$ per barrel cause Russia is stonk!
Funny how the EU hs managed to not only avoid recession but post linear growth for Q1 and Q2, record employment levels while the inflation is only 0.3% for the last month. Must be some kind of himars effect!

I think it will not drop lower anymore. There was a price drop in our country as well but the sad part is there was no price drop in the prices of main essential goods. Business owners have already taken advantage of it. Instead of dropping the prices, they're even increasing it continuously so we could really feel the struggle of the inflation crisis.

The drop really is not reflecting in prices of goes and services and this is unfortunate. If there is reduced price in crude oil, it has not had better influence in the market. Products are in the increase, pump price of oil is yet not adjusted especially for countries that are not manufacturing or technological. The OPEC countries are only regulating global oil production.

Things are really going sour and we don't have any option than to move along. The inflation is really having so much effect on food stuffs and other households necessity in my region. The price of gas is going high everyday and there is nothing we can do than to strive and meet up with bills accumulating everyday. The price is gases had increases including cooking gas making food to become more expensive than usual. We keep moving along this hard time that things are becoming expensive everyday.

USA and Europe are working on it, for example, here in Venezuela there have been movements these last months to ease some sanctions which would allow us to export Oil to Europe, however, our production is so low at the time being that we are not a reliable option at the moment, not without foreign capital pouring in.

Remember what happened last time when oil was headed downwards? During 2008? Was the start of the recession. Back then we had good employment numbers like today and very quickly it went downhill. So maybe this is a signal its the start of the next crash.

We got CPI numbers out next week and most likely they are hinting at 8.7%. Its hard to say what it will be. I can see the lower gas prices having an effect however will it be enough to lower inflation? That is hard to predict. Everything is still expensive everywhere. Shortage of workers and hourly wages are up. Also GDP is negative. So things are not looking too bright at the moment.

The correlation between oil prices and recessions is broken here, because of the oil prices falling down.

That is to say, we are still in a recession, but it's oil supply/demand that's acting crazy right now.

From what I heard, the reserves are down to 400 million barrels. By the time of mid-term elections, their reserves will be almost empty. But then they need to refill these reserves at some point. That is going to be problematic. Because by then the purchase price will be much higher than the price at which they are selling now. And the ground situation hasn't changed much within the United States. Democrats are still trailing the GOP in many of the key races, and hypothetical polls show Biden trailing Trump by 3-4 points.

I think it's just one more data point suggesting that we may be in for some pretty turbulent times down the road. However, it's also important to keep things in perspective and realize that dropping oil prices are great news for American consumers. Whether or not those savings end up being passed on to consumers ultimately depends on the power of competition among gas stations—but this is a topic for another day.

In my opinion, it would be kind of a reckless decision to allow those strategic reserves to go that low, specially during these times of energy uncertain, unless Biden's administration is planning to step up national drilling and straction widely in order to refill those reserves,  since we all know how the international prices would react if USA decided to import all that oil to replenish...

I wonder if the Green Energy plan for USA has anything to do with these choices, as I said, all this sounds more political than economical.

And oil kept falling and falling in price! :)
What is surprising, just "entertaining analytics": the lower the price of oil, the quieter the voices of Russian propaganda that "without oil and gas from Russia, everyone will freeze, their economies will collapse, and only we will prosper!" :)

In addition to the fact that the price of oil is falling, there is nowhere to put it - and you have to sell at the cost level .... So that's not all - since July 2022, you have to stupidly burn gas, heating the air on an industrial scale! This is me about the "greatest country in the world" (well, that's how they modestly call themselves :) )

Oil and commodities generally are going to keep outperforming but that doesnt mean it does so in the next rolling year exactly just overall I think we see higher return from oil or similar energy demand then plain currency will return.  Certainly in this decade, since I have to pay for energy I dont see a good reason not to be involved;  others might like to invest in solar panels and remove themselves from reliance on the world market some.    Last I saw sentiment has become overly bearish on Oil hence we could have a short term low and a rise back to 110 or so before larger moves come in to alter that into year end.

Well, absolutely not my government just allowed the oil company to increase their product prices and they did that yesterday  :P. Maybe since the company bought their crude when the price is higher than 100$ so they will use that price as they decide the product prices in a few months.

This is unique when a conflict occurs but the price of tuuru oil is below $ 100, hopefully this can reduce the burden of inflation that occurs a lot in the country and make the economy recover soon, the presence of electric vehicles can certainly be a good solution to reduce oil consumption so that oil needs are not too significant.

I have seen the rollback in fuel in my area, which is a good thing to all vehicle owners as well as commuters.
In my area alone, the use of electric bicycles are becoming rampant also, which I believe is a good thing.
No pollution coming out from bicycles and pretty cheap even if you charge it as compared to the per liter of gasoline consumption.
We need to find alternatives also so as not to rely from the crude oil coming from Russia.

Brent Crude Oil dropped below $92 today, while WTI Crude Oil at $86. However, for obvious speculation reasons, prices at the pumps won't change in the next few days, especially now that demand is increased due to August vacations. I'm really hoping that the oil prices will stay at least below $90/barrel, but I have serious doubts whether such price can be maintained. Despite the falling gas prices, inflation is still rocking high, with no intention of slowing down.

In actual sense the price of crude is not suppose to drop everything time in the market indecencies that, crude oil comprises many products we use for manufacturing of different kinds of things that we use in the world. Both machine and any other bye products.

As long as it remains above $80 per barrel, oil importing nations will be under a lot of pressure. Here in India, it is like a double whammy. Indian Rupee has gone down against the USD by as much as 5% during the last 12 months. This further adds to the burden for common people. A lot of the commercial vehicle owners had converted to CNG, and now CNG here costs more than diesel. And to further exacerbate the issues, GCC nations (except Iraq) are selling their crude at a considerable premium. The EU nations are ready to pay more for Gulf oil, so the prices have gone up.

I think this is because the economy is getting more and more difficult, which makes the demand for crude oil decrease, the global recession has caused many countries to go into recession and the industries that use crude oil also decline, causing prices to fall.

As long as the supply/demand mechanism stands the way it is, we are going to see richer nations end up increasing the price because there isn't enough supply but a lot of demand. This will result with nations like ours end up not getting it because it is too expensive, I mean we still do buy it because w have to, but at a price that we can't afford and that causes a lot of trouble for all of our citizens.

There isn't a way out of this, we just need to make sure that we need oil a lot less, because it is not going to get super cheap, it is going to be terribly problematic for all of us. Just switch to electric on everything, even planes if we can invent it, because oil will never be a solution, it will always be the trouble.

Alot of the price is speculation and will vary from that, you have a higher and lower boundary.  All I see right now is us hitting that lower boundary, I dont think its seriously restricted by excessive supply or lower demand globally.
  The price today as we begin Thurs trading in Japan is just the same kind of pricing as seen on Monday though the decline then was sharper, now its just negative churn as price action repeats and fails to take back higher prices.
  At the same time as Oil apparently pulls back we are seeing Natural gas prices move to maybe double what was true a year ago in some countries.    I dont think energy is going to fall in just one particular type as usage is generally universal via electricity production or similar business and national usage.

You never fail to surprise :)
The price of Urals oil at the auction fell below $70, this is the spot price, and you are all about "oil costs at least $80" :)
Understand that the oil market is a very specific topic. The spot price means that you will be sold right now and right there on the stock exchange at $69 per barrel. And for example, large buyers also receive discounts, and this is not 1-3-5%, but 10-20-50%. By the way, India and China are buying out the oil that has become unnecessary from a terrorist country, at a price .... already in the range of $ 33-35 per barrel! So I agree with your early persistent argument that "India does not buy oil from Russia for $40."

And most importantly, this is just the beginning!

PS By the way! Many thanks to India, for the fact that it has reduced the purchase of oil from the country of the world terrorist by 40%, and Indian banks refuse to work with banks from the same country! :)

Brace yourselves for massive price increases in fuel. Brent crude oil has surpassed $98.5/barrel while WTI is just over $92.5/barrel, compared to $82.6 and $76.6, respectively, a little over a week ago. That's a significant increase in oil prices, while at least here in Greece, we never saw the corresponding decrease at fuel pumps. However, prices have already started increasing at gas stations. This situation is not only tiring but also depressing. There is no longer any stability in life; everything is rapidly shifting. You can no longer make any plans for the future and every asset has become way too volatile, from commodities to cryptocurrencies and stocks. Only real estate is holding up, but that doesn't help the average Joe who's renting.

For US markets, an infusion of crude oil from the (SPR) strategic petroleum reserve was the only thing stabilizing gasoline prices and dwindling supply. Unfortunately, they recently hit a regulatory limit on how much crude they can pull from the SPR. Which means that oil prices are definitely headed back up, as supply declines.

It could be a good idea to hustle and seek alternatives to crude oil and gasoline. As there is no guarantee that prices will stabilize anytime soon.

Global markets and trade could be in jeopardy. At a certain tipping price, it becomes unfeasible to ship goods over long distances. Considering how reliant many nations have become upon imports from offshore sources. A transition back to local sources of supply could be difficult, but entirely necessary.

In terms of food, if it isn't grown locally. It could become unavailable. Rising oil prices and cost of shipping could potentially break any supply chain that relies on oil. I hope people recognize what this means and prepare accordingly.

Excellent new coming in. Brent crude is inching towards three digit mark. The last time I checked, it was trading at $97.92 per barrel. The price rally resulted from two developments - 1. the decision by OPEC+ to implement a massive cut of 2 million barrels per day, and 2. the bombing of Kerch bridge that connects Crimea to mainland Russia. And here in India, we are being hit by a double whammy. The local currency (Indian Rupee) has gone down by more than 5% this week and the exchange rate now stands at 1$ = ₹ 82.83.

These are hot news in the past 2 days but in my opinion the information that made oil prices rise again is because OPEC + decided to reduce 2 million barrels of oil / day, this is a very large number, while last month they also cut 100,000 barrels of oil per day. With this decision, it can be seen that the OPEC group wants to maintain high oil prices and this will benefit Russia, Russia is also a member of OPEC +, this is considered a failure of the US government. The world energy situation has not cooled down, there will be many changes affecting the whole world. Today's attack on the Crimean bridge will make the conflict unlikely to end anytime soon.

My country targets oil prices to be around $110, if it's now below $100 then there's a lot of profit or money to be saved so I'm hoping it can be used for health subsidies which are currently reportedly running a very high deficit.

The US is definitely not happy about this, they expected the OPEC to at least keep things as they were as this will keep the status quo when it comes to the benefits Russia can get from selling their oil, but with this cut then Russia will definitely benefit, not only that with raising oil prices this will mean more inflation and greater logistic problems, so this raises the chances of the most powerful economies of the world to enter a recession and complicate matters even more for Europe.

That is great news *sarcasm*. OPEC is basically cutting down on oil production, leading to massive price increases. I honestly at least expected Brent oil to stay below $90 a barrel, which is still expensive but a little more sustainable at least. If these new prices remain, they will trigger a new round of price increases in every day's goods, sending inflation to the moon.

Things are not looking good at all. And winter hasn't even started.

Many years back way before they printed 25% more dollars into existance and so on, the members of OPEC basically said they were happy with oil at $100.  They werent kidding around it appears, that is their rough guide for where they want oil to be at some kind of minimum for years.   When we slip below 80 heading for 60 they start to lose the balance to their fiscal budgets.    All of these questions will alter in future without a doubt as I know Saudi Arabia especially has massive growth in its population, its entirely different to alot of western countries with sedate or quite severe population decline in some cases.  The demographics or age profile of the country altering changes alot of things, Saudi Arabia moves away from oil apparently they dont intend to expand their production seems like just this maintained $100 oil.
  Iraq is the best chance for large oil increased production in the middle east, its been a wasteland for decades in investment terms.   They could relieve alot of pressure on demand if they uncover and develop a new large oil field, it'd still  take near to 10 years I guess.

If seen, the most significant impact of oil is psychological. As consumers become more aware of their purchasing decisions, experts believe that oil companies may experience a serious crisis of confidence as people begin to make choices based on factors other than just fuel economy.

As a result of the drop in oil, you can probably expect to see lower gas prices at your local gas station. In addition, there is renewed confidence in the economy as a whole, which will lead some experts to predict a surge in small business investment, which could also lead to more hiring opportunities in the months ahead.

This will certainly not only cause trouble for Europe but trouble for the whole world again. It is difficult to understand why OPEC + made this decision, in the end national interests still come first, not the general situation of the world. I don't think OPEC+ will want oil prices to fall below $90 or below.

Although the world oil price has decreased in the past 2 months, actually in my hometown I have not seen a decrease and today I am even more surprised when gas stations in my area are closed because there is no gas for sale. This is the first time this has happened in my area, although when oil prices hit record highs in March/April, we still had enough supply.

Now there will be a huge number of attempts to destabilize the oil market. The reasons are trivial - one terrorist country not only loses income, but also loses influence in some countries where the influence of the terrorist country is extremely necessary. Cancellation of OPEC's additional 2 million, one such attempt. Yes, you will not argue, now it will be difficult in the market. But all this is being done only in order to lift the embargo on Russian oil supplies to the EU, which is introduced from January 1, 2023, and this is just 3 months later. Nordic pots blown, EU refuses oil ? How can a totalitarian-terrorist regime exist without a lot of money? No, that's why they will use both conditionally legal and illegal measures to destabilize the oil market.
For example, I’ll even assume that from now until about the middle of next year, there will be terrorist attacks in oil supply countries, oil tankers, and other elements of the infrastructure intended for pumping oil ...

The funny thing is, it’s around 90's right now, at around 92-93 range give or take, but it was somewhere between 60-130 all year, that’s a WILD difference. Normally we do not have that kind of difference in a single year, get it at 60, increase it to 130, and drop it to 90 doesn't happen all too often.

Sure, it does happen time to time when there is a big issue, I do not know how it was in 2008 for example when the crash happened, but I know that it’s not going to be that easy for anyone to accept the current situation that easily. You can't make a plan with oil prices like this, because you do not know how much you will pay for it next time you buy it.

Even when crude oil had plummeted below $90, we still saw insignificant reductions at gas stations. Not only is this situation bad, but speculation makes it worse than it actually is. I don't know if the same situation occurs in other countries too, but here at least, inflation is to some degree speculative. We're talking about an energy crisis, but in the meantime, electricity providers are soaring in profit. Don't get me started on oil companies.

Volatility is a huge issue. You can't plan anything in advance. Gas, electricity, and groceries constantly change prices, and it's usually for the worse. Our quality of life is worsening, and so is our mental health. We're headed towards the great recession, this is only the beginning. This will be a harsh winter.

It's nice to see oil prices continuing to trend down, as they are funding some pretty despotic regimes right now and the sooner the world is free of oil the better the environment is likely to end up. If you think about Saudi Arabia for example, it has been ruled by one family and essentially cowed by the religion that they support for many decades. That money is able to buy a lot of oppression and we see it even start to strike overseas like the murder of the journalist in the Saudi Embassy in Turkey. While the resources used for solar engineering can be a bit dirty to extract, in the long run they should pay for themselves much more economically than the equivalent oil extraction and last much longer too.

Every commodity can double in price quite easily, unless we are also prepared to declare farmers as the enemy it might be more productive to ask why this can happen and how to prevent it.
  We dont want to go down the road of Venezuela which seized the assets of oil companies and reduced their enterprise and innovation to near zero, impoverishing the entire country instead of improving it.    Supply vs demand, its the simplest thing there is no evil in the basic balance that requires production must also meet the demands of any country for its energy.
   We've known energy security is a problem in Europe for 30 years, Germany mistakenly or  mindlessly leant on Russia for an answer to their deficits and it was a mistake to be led by cheap prices;  correct the mistake move on and improve is all we can do.

I would venture to say the same is true everywhere as greed is universal, where I am residing this is a very common occurrence, so if for example the government in turn decides to create a new tax, businesses immediately raise their prices to their products to pass that cost to the consumers, but even if eventually the tax idea is scratched there is not a decrease in the price at all, so it does not surprise me we are seeing the same with oil all over the world.

Surprised to see the Brent Crude prices hovering around the $90-92 level. After the announcement from OPEC, I thought that the crude prices would easily rally to $120-125 levels. And also, the shale oil output in United States has remained flat for the last many months (total US oil output has remained flat at 12.1 million barrels per day). There can be only one conclusion here. The demand has dropped. But I would be surprised if that happened, because COVID lockdowns are over in China and therefore the demand should actually increase.

Don't get ahead of yourself; we still have a long way ahead and, unfortunately, it's still very possible. It's been extremely volatile and gas prices aren't going to change anytime soon, especially with the also volatile USD/EUR exchange rate, which is severely affecting the final purchase price of oil in Europe.

If Brent oil possibly fell below $85 per barrel, then we could perhaps start seeing a difference at the gas stations, but it's so volatile that chances are, these reductions will never be seen by the final consumer. It will have to stabilise at a way lower price than the current one, which is trending just above $91, in order to make any significant difference.

China is the first reference for higher prices, giant country with little or no oil.  They have ongoing problems with the pandemic and their solution is reducing their GDP quite drastically hence lower oil demand.  OPEC believes they are quite justified in their restriction to production likely because of this, inflation of weak currency standards is not their concern as the oil will always go to the highest bidder.
   125 will happen when full demand is in progress, where as present we are adjusting world GDP lower.

True....but that's always been true, has it not?  Oil and politics have been interlocked for as long as I've been aware of the two, and I'm 100% sure it's always been the case.  But what I'm not certain of is whether the world weaning itself off of oil is going to improve the situation, because energy suppliers of all types (including oil) have--and have always had--extreme levels of power and influence, and those powers are most likely figuring out how to keep their wealth and power if X becomes the new fuel standard, where X could be hydrogen, vegetable oil, solar, whatever.

I know this thread is somewhat old, but gas prices were trending downward for a while there, and now they've spiked.  If you live in an urban area, I'd consider going without an automobile if you can.  It's not only environmentally friendly but it'll have an impact on your wallet that you'll see pretty much as soon as you unregister your car/truck/whatever.  It costs so much to own and operate even the smallest of cars it's ridiculous.

And you also wanted oil to rise, right? :)
But no, it has not grown and WILL NOT GROW in price. As you very accurately noted - "OPEC's refusal from previously increased production, and a reduction of 1.2 million barrels / day" SHOULD lead to some panic, an increase in futures ... But nothing happened, except for semi-daily "small tantrums", after why oil went into them, of course, Urals "showed an excellent increase in negative price changes" (this is me reporting the news in Russian) :)
Let's put aside your desire to "at least somehow help Russia", and try to understand what is really happening? Don't you want? :) Is it true that fantasies and propaganda won't work? I, respecting your right, will leave the right to choose the answer for you! And if you don't want to take part in the assessment of REALITY, I will do it myself, it's not difficult if you live in reality ...

And just in case, I’ll leave a graph from the real world and not the fantasies of Russian propaganda:

https://i.ibb.co/h9Qp4cd/2022-10-18-00-54-14-2022-Mozilla-Firefox.png

China is the world's 4th biggest oil producer, more than Canada, Irak or UAE.
Yes, they import a lot of more than they produce (60/40 ratio) but they do have oil, at least more than Europe overall.


Still being surprised by reality?
That Ukraine wasn't conquered in April?
That Russia's 1.7 trillion surpluses (rubles ) in 6 months evaporated in just 3 months to 60 billion?
That Europe gas deposits are 92% full and enough gas not to "freeze" during a warmer than usual winter as it's being announced?
That miraculously despite stupid claims for bankruptcy and business closing Europe has posted record employment levels?
That despite this freezing winter, we are already booked 80% for Xmas and new years' eve in hotels all across the alps?
That Europe miraculously still has sunflower oil?
That we haven't started to use donkey carts as you predicted?

You see, your problem in analyzing things is that you want to find the facts that are allowing you to arrive at the conclusion you want, not how every normal person would think, analyzing reality and seeing what comes out of there!

The driving season is over in the US, and so is it in Europe, that alone is a 15% drop in diesel/benzin consumption, so it's agriculture, so its construction, oil production is the same while everyone is trying to drive less to avoid spending money because of uncertainties, and in what universe when there is less demand for oil does it jump to 300? In the same weird universe where Iran is a superpower! :D

Oh, and you're not going to like the prices of natural gas either, futures just took a -13.262   dump!
Pretty hard times to be an EU-US hater!

Why should I want the oil prices to rise? Here in India, we import more than 85% of the crude oil that we consume and at this point we are not just suffering from sky high oil prices, but also from the devaluation of the Indian Rupee (went down by more than 10% since the start of this year). What that means is that the crude oil trading at $90 per barrel now is equivalent to a price of $100 per barrel (due to the weakening of the Rupee). The situation is not sustainable in the long run. The government is under a lot of pressure.  

That is why I always advocating for States not to depend on crude oil only. Now this will affect these countries that are depending only on crude oil because they take crude oil as their income revenue. Me, I want crude oil to be drastically come to the lowest because as the Oil is going up, it is the poor masses that suffer for it. Nations that depend on crude oil have not utilized the money for national development, mostly the African countries, Nigeria in particular.


As for the gas price in 2017 to 2018, the price of gas 0.80$ in Nigeria but as it is now of 18th of October, 2022, gas price is $3.44 in my location. Therefore if crude oil price go down there is probability that gas price will also come down. Retailers are also using the flood disaster to even increase the price of gas.

I would not rely on that much. Crude oil price is dropping (or if we check some of first posts here, then we could find out that its price is only on july-august level), but in my country (European country) petrol and diesel prices are gaining 3-5 cents daily. We had highest fuel prices in late spring, about 1.90 EUR for diesel. High fuel prices was described as "war consequences". Tomorrow after tomorrow diesel price will step over 2,1 EUR mark. A growth during price drops. What kind of bs it that ?

Yes, my mistake, I didn’t express my idea correctly - you predicted an increase in the price of Russian oil, “Russia’s total influence on the hydrocarbon market”, and dreamed that Russia would again have a high income from oil, so it’s more correct :)

I already wrote - do not worry, it will never be good in Russia and with its oil. It becomes, at best, an outcast country like North Korea. Ideally, it will be divided into a large number of free republics.
And oil and gas will become the raw material that will ensure the payment of reparations to all victims of its terror.

But why should India worry? India, like China, is "helping fraternal Russia" by forcing it to sell its oil to them at a dumping price. Like it or not, much of India and China's oil is purchased from a global terrorist country at prices below $40 a barrel. This is Urals brand oil. The fact that the government "sings songs" to you about the high price is already your personal problem. With a high probability, this is also a corruption scheme, when you pay for gasoline / diesel, based on the price of raw materials of $ 90, and your wise rulers pocket the difference. Think about it.

Good news because inflation in my country continues to increase especially if it has entered the rainy season that usually occurs flooding, longor, and crop failure so that if world oil can be below $ 100 then there is no increase in oil.

Looks like the downwards trend of oil is continuing, right now WTI is trading at 83.45 USD and Brent at 89.26 USD. This should mean that the gas prices are more affordable, unfortunately I don't see any shifting in the prices at my local gas stations. The price I have to pay for my fuel is still very close to the prices during the summer when Oil was above 100 USD. As always the petrol companies are eager to increase prices as soon as oil goes up, but whenever the prices are falling the profits are not being given to the customers. It's a similar story with the gas situation in my country. The prices on the gas market had been falling for some time now, but I didn't hear of any supplier giving the lower prices straight to the customers. It might take another 4-6 months for the lower prices to drop down to each household. Before the war the gas company had one fixed price for the year that was set at the start of the year and had to be paid in monthly instalments. And now we had two price increases in less than 8 months.

Can someone please explain, why during crude oil price drops, fuel prices on petrol station dont move or even go up? Is this due to companies loosing profit and try to keep on save level? Such simple explanation? Our companies say that they dont earn much, or take only 5-10 euro cents from every liter sold. And the real problem is government and excise tax, which often is 40-50% or fuels price.

This is happening in my own nation as well, there are just way too many nations who have devalued fiat, which means that oil is getting higher means it’s not really going higher just alone, fiat also devalues so it’s even higher, and there are situations where our fiat devalued so much that even while oil was going down, we are paying a lot more in reality.

I am paying 10% of my salary for gas prices just for my travels, and I do not even go to work with my car every day, if I did that then I would be paying even more, this is for just regular stuff. So, oil prices going down didn't really changed a thing for us, it should be going down even more, or we should be earning a lot more.

Scenarios like this are not new but it already happened before during the covid outbreak. People are hoarding alcohol, facemask and other sanitizing products and then they sold it later on at a much higher price. Those types of people have no soul but they only think of themselves on how to make more money even if others are becoming more poorer.

Your country is still better because rollbacks are still being felt there but other countries are more worse because instead of a rollback, prices of the oil only got doubled or tripled. It's hard but people have no choice to avail those over price products because if not then they are the only ones that will suffer.

Initially some of the oil refineries in India were able to source crude oil supplies from Russia, at a discount of about $30 per barrel (although a large part of it was lost as a result of elevated transportation and insurance costs). But in recent months, the discount has hovered at around $5 to $6 per barrel, as a result of increased demand from the European Union. Many of the refiners have reverted to importing crude from Iran and Iraq, as they are giving more discount. The situation may change next month, as the EU embargo on tanker crude from Russia will take in to effect.

There are several reasons. Both objective and subjective.
1. The price of oil, from which gasoline is NOW made, was purchased when it had a different price. In this case, it's higher. Oil is bought mainly by futures - and these are deliveries of future periods, i.e. the price is formed based on the forecast for the future.
2. Reinsurance of risks, in unstable times, by commercial structures
3. Obtaining additional benefits, speculators

Frankly speaking, that does not make sense. Companies have bought oil in past for low price, and sell high if market oil price today goes up, and sell high if market oil price today goes down. The only logical explanation I see is greed.

And I cant understand why diesel now cost more than petrol? Technologies are the same. Petrol is more clean fuel. But it cost less. Nothing has changed, but previously diesel always cost less than petrol.

You can here long and tediously retell propaganda or other fake news, but the reality is different :)
I have information from a person who works directly in China, is directly involved in the purchase of oil, and primarily Russian, which Russia, not being able to sell to other countries (due to many factors and restrictions from the spring-summer 2022), began to sell to those who does not hesitate to support the global terrorist.
But, since the situation is not very in the hands of Russia, both China and India have set their own conditions for the price. Today, discounts on oil, from the market price "here and now" is up to 30%, this is for normal oil. Russian terrorists were forced to give a discount of 50% or more for China and India on this oil, and to bear the logistical costs (exactly for China, there is no information about India).
What you are writing about is the pricing of "old" contracts that were signed before the loss of the oil market in the EU.
This is what reality looks like.

Let me remind you of the ancient saying "No matter how much you say halva, it will not become sweet in your mouth" :)

Well, that's not really private information or news. Russia started selling to India and Russia at discounted prices when Europe limited their usage and purchases. However, Europe started buying from other markets, which were reselling Russian oil at much higher prices. I love how Europe "punished" Russia with their sanctions. The only ones suffering here are European citizens, especially those who were already in a desperate situation.

Anyway, I've come to terms that stability isn't going to come any time soon. Crude oil prices are increasing once again and are constantly fluctuating, with gas prices being constantly on the rise here, causing inflation to worsen.

Since cars using fossil fuel emit a lot of carbon dioxide and have a significant negative impact on the environment, the era of crude oil is already coming to an end. As a result, most automakers are switching to hybrid or dual-engine cars that use little fossil fuel and solar energy and switch to it automatically when the battery runs low, or Tesla cars that run on electricity.

Entering 2022, the price of crude oil is still below $100, but entering March it immediately increased and penetrated to $118. Of course this triggers the price of commodities to also increase, it is clear that many countries are not benefiting from that price.
after that it fell a bit in a few months later and increased again in June and stayed above $100 until early August, and finally now it can be below $100. will this last? if you look at the past, there will always be opportunities for improvement and this is not good for the world economy, which has already begun to enter a crisis.

In order to reduce the use of petroleum so that dependence can be reduced and reduce the risk of inflation due to the increase in oil, the era of fossil fuels should inevitably be reduced immediately. apart from having a clear negative impact on environmental pollution, it should start to be replaced with more environmentally friendly ones, even though it's not easy to do right now. but there is already a bright spot that many transportation equipment manufacturers are looking to twin engines or those that are directly powered by electricity or use solar energy. Hopefully this dependence will soon be replaced and the inflation factor can be reduced.

First of all, cars can't run on solar panels, wind turbines or tidal mills. The electricity that is generated by the solar panels need to be stored in batteries. And in order to manufacture these batteries, you need massive amounts of metals such as Nickel, Cobalt and Lithium. And these are rare metals and the ongoing mining process has already resulted in huge environmental damage. And now coming to the affordability part, on average the EVs cost 3x or 4x compared to the gasoline-variety with the same specs.

You probably just do not quite understand what renewable energy sources are, and how "green energy" is used :)
All wind, tidal, thermal, solar systems have one goal - to convert the energy received from the outside into electrical energy. I hope everything is clear here. And here is the most interesting. Any energy must be extracted, converted into the desired "format", and transferred to the consumer or made a reserve.

I have to upset you... Cars run from green energy, lights shine, food is cooked in the oven... You probably confused "home" electricity from window solar panels with industrial stations :)

Tales about "great harm" are 90% lies of propaganda, those who lose income, 10% reality. So far, the production of batteries is not the most environmentally friendly production, but not a "nightmare-nightmare" against the background of emissions from internal combustion engines and other plastic bags :)

Let me remind you how hysterical Russia was squealing to the whole world about the dangers of "shale oil" :) And it turns out that they themselves have been using hydraulic fracturing to extract their oil for many many years :)

In addition, battery manufacturing technologies will change dramatically in the next 5 years and completely different technologies will go into mass production. Which, by the way, will allow accumulating huge amounts of that same green energy. So - the time of oil and gas is a thing of the past, like coal in the 19-20th century :)

Hmm, and about the price of cars, you AGAIN or do not own, or, as has already happened - CONSCIOUSLY LIE :) Why, if now it is extremely easy to check the information.
In general, I had a strong suspicion that you are not from India, but from Russia, there are such habits of constantly lying "the normal state of a person" :)

^^^^ My question is still valid. The question is not regarding the generation of electricity. For example, if solar panels are used for running the vehicle, how do you use your car at night when the power is not available. For that purpose you need batteries and they are very expensive.

And if production of batteries don't harm the environment enough, the mining of raw materials for battery production is a very polluting process. On top of that it has triggered civil wars in countries such as Democratic Republic of the Congo.

And you are talking about new technologies in battery production. It has been almost two decades, and Tesla is still using the Nickel-Cobalt-Lithium battery for their vehicles.

Regarding the prices, at least in my country EVs cost 4-5 times more than the gasoline run vehicles. 

Whether we like it or not, we need to cut down on fossil fuel usage not only because they are harmful for the environment but also due to them being finite. I understand your concern regarding the batteries; they are made out of harmful raw materials. However, they can be repaired and recycled. Technology is rapidly advancing and newer batteries will be made smaller, lighter and with less harmful materials in the near future.

At least here, there are a few affordable options for electric cars, so the difference isn't that huge for a somewhat luxury performance car. For instance, the new VW ID4 GTX, which is AWD, 300hp with great range, costs approximately €45.000–€50.000 with the government's subsidy, if I remember correctly

Solar panels are used for the COLLECTION and STORAGE of electricity in industrial volumes. And THEN it is transferred to gas stations. Solar-powered electric vehicles - you've seen enough of science fiction somewhere :) There will be, but not with today's efficiency of solar panels.

About "battery production is a very polluting process" - do you have any arguments, evidence and comparison with others besides another "empty" statement? I'll tell you - the most "dirty" is the extraction of lithium. Can you tell us how much lithium pollutes the environment more than, for example ... oil or coal? :) If not, then you, as a cultural person, will either have to apologize for FALSE information, or write before such statements - "according to my fantasies, it seems to me" and then text like "battery production is a very polluting process" :)

About Tesla batteries - you are INTENTIONALLY LIEING again :) You say: "Tesla still uses nickel-cobalt-lithium batteries for their cars", and the reality is far from your fantasies - "Tesla produces lithium-ion batteries for their cars. It is highly efficient 18650BG battery is pure Li-ion battery!

And you are also lying about car prices :) I just can’t understand - do you really think that everything here is without a brain, the Internet and the ability to search for information? :)
I will give prices in Ukraine, with not the best economic situation, NEW cars:
VW ID4 - $35.000
Dongfeng-Honda X-NV/M-NV - $27,000
Nissan Leaf - $29,425
Volkswagen ID.3 — $31,500
Opel Mokka-e — $34,278
MG ZS EV - $34,280
Hyundai Kona Electric — $36,600

This is the price of the middle class, no astronomical prices. $35,000 for a NEW electric car is a reasonable price. At today's price of gasoline, that's about 28,000 liters of gasoline. How quickly an electric car will pay off - it will not be difficult for you to calculate if you know basic arithmetic :)

We're a few days into November, and things aren't looking very pleasant. Crude oil has almost surpassed $100 per barrel again, sending gas prices to the moon once again. Natural gas (CNG) is also noting huge increases, which will be reflected in our next electricity bills for November and December. These uncertainties and the current market volatility are extremely tiring and stressful. Due to these massive increases in oil prices, inflation rates for the upcoming months will certainly worsen.

The price of a liter of unleaded petrol now costs €2.20 here.

In anticipation of the introduction of new restrictions on oil from the country of an international terrorist, the oil (and gas, by the way) market reacted ... with a fall in prices.
Dynamics of prices for the main oil that the terrorist country sells by tankers, brand Urals:
01/12/2022 - 69.67
....
09/12/2022 - 54.91
10/12/2022 - 52.72

At the same time, do not forget that this is the spot price. So - in contracts, this is another minus 20-30%. But that's not all ! "Friends of Russia" China and India, expectedly "have Russia" in their favor, forcing Russia to sell to China and India at a discount of about 50%. After the embargo is introduced, I am sure the level of "friendly discount" that China and India will "friendly ask Russia" by taking it by the throat will be even higher :)

Oh yes, and about gas :)
Natural Gas Futures - Dec. '22 (MNGc1)
01/08/2022 - 733.59
....
09/12/2022 - 509.60

I would like to let you know that Russia is not the only oil exporter in the world and it is not the largest oil exporter either. The decline in oil prices was due to a reduction in world consumption due to recession fears, as well as consumer demand not being as strong as in previous years.
Falling oil prices will affect all oil exporting countries, not just Russia and one of the people who doesn't like this is probably OPEC+, but the beneficiaries will be the consumers. 

This topic is only about the price of oil, not about the war between Russia and Ukraine, hope you are awake enough to discuss, do not bring the spirit of terrorism into each comment.

I absolutely agree with you - Russia and Russian oil are essentially an empty place in the global economy! They really are trying to prove the opposite, but not very skillfully :) The only problem is that in the second half of the 20th century, the Kremlin managed (bribery, blackmail, ...) to plant three key European economies on the oil and gas needle. Germany, France, Italy.

And it was after the unleashing of a terrorist war against Ukraine (whether you like this word or not - this is precisely terrorism), Russia received sanctions from the West! Am I saying something wrong in the chronology? :)
In the first years since 2014, the sanctions did not have a particularly strong impact on the economy of this regional hydrocarbon supplier. But after March 2022, when the EU and the whole world were shocked by the actions of Russia, serious and weighty sanctions were already introduced against them. And in 2022, since the summer (although the first steps were taken earlier, read about stopping gas supplies to the EU), Russia also engaged in economic terrorism against the EU, violating agreements, and openly declaring that they will continue to violate their obligations and terrorize economy, especially Germany! Did I say something wrong? Something distorted in terms of meaning? :)

It was these events that triggered the rise in oil and gas prices. Or not so?

For countries that sell oil of course this is good because it can lower prices, especially since the last 5 years oil prices have always gone up and once my country announced that the target price for oil was $125 at the beginning of the year, and now it has dropped almost 25% and hopefully there will be a price reduction oil immediately.

Whether we like it or not, Russia is one of the largest suppliers of oil and CNG in Europe. It is certainly not a meaningless economy. The sanctions were a mere attempt to hurt Russia, and while it did affect them (a 4% loss in GDP), they weren't as affected as Europe anticipated. I'd also like to point out that barrel prices had started soaring even before the war started, somewhere between August and October. I'm not claiming that oil didn't skyrocket during the war, but the start had already been made. Fortunately, barrel prices have declined in the past few weeks; let's see how long it lasts.

You are right Russia isn't alone with this but as far as I know, there's also India, Europe, and last but not the least Dubai. Dubai must be the largest of them all and Russia can go next to it. Before the talks about the recession, people are already budgeting and looking for alternatives to continue living without depending on oil because its prices were very expensive last time during the Russian-Ukraine war.

This change have affected the oil suppliers but they shouldn't worry because this will only be temporary. Once the recessions are over and other crisis are gone. People will have more budget and they will probably start availing oils again.

Oil plays an important role for the economy, almost all industrial countries really need oil for the production process, many countries are very dependent on oil so they have to import, and of course when oil prices drop below $ 100 it will make many changes.

Today, 12/12/2022, we should say "WERE the largest LNG suppliers to the EU" :) Come back to reality?!
Most of the gas supplies to the EU from the terrorist country went through gas pipelines. 2 Russians blew themselves up, 1 on the territory of Ukraine, and we are trying to save it, because. we have obligations to the EU to ensure the pumping of gas.
There is also the South Stream, which will now reduce the volume of Russian gas pumped.


About LNG - well, would you at least read what reality looks like, or do you hope that they will just believe you? :)

Here is a picture of the LNG market (in million tons, 2021):
Qatar - 104.8;
Australia - 91.8;
Malaysia - 33.0;
USA - 28.4;
Nigeria - 27.8;
Russia - 24.9;
Indonesia - 20.8;
Trinidad and Tobago - 16.8;

Russia's share is about 7% :) Do you want me to show you where Russia sells LNG and how much? In the EU, Gazprom's subsidiary, Novatek, sells it, it sells it to France, Spain and the Netherlands. Do you know how much of the total volume produced in Russia? About 8% of the total European volume of LNG! Leader you say?! :)
Yes, I note that in the first half of 2022, indeed, the volume of EU LNG purchases from Russia increased by 40%, but this was a one-time surge caused by gas terror from Russia (the cessation of pipeline gas supplies in fulfillment of contractual obligations), and the need to fill gas storage for the winter. That's it, Russia will not have such a volume of purchases more, moreover, the volume of purchases from Russia will now be purposefully reduced to 0!

Well, it was fun while it lasted. Crude oil is on the rise again and is expected to average $100 per barrel in 2023. WTI is already at $80 per barrel, and Brent oil is at $84 per barrel, an approximate 10% increase compared to the recent year low after the war. A few days before the entry of 2023, the future already looks unpleasant, with inflation expected to rise even further, up to an extra 5% of what it currently is.

In the meantime, Europe is accusing the USA of profiting from the war by selling CNG even up to X3 to X4 its price since, after the imposed sanctions against Russia, the USA became one of the main importers.

https://oilprice.com/Energy/Oil-Prices/100-Oil-To-Return-In-2023.html

Oil prices are very volatile.  

However, there is a certain average oil price and there is a tendency to return to this average price.  It is less than $100 (even after adjusting for US dollar inflation).  The world economy is currently in a recession.  This circumstance does not contribute to the growth of crude oil prices.  

At the same time, the sanctions imposed on Russia have a double effect....

On the one hand, the supply of oil in the world is declining, on the other hand, Russia is forced to sell its oil at a discount.  which leads to dumping and contributes to lower prices.

Oil price have reached an average range than completely down market. Often interesting incidents happening around. All around the world, Major of the countries are experiencing the worse economic situation. Oil market plays a vital role, and the same keeps specific countries undisturbed from their economic growth.

For now the problem have arisen out of the Ukraine - Russia war. This have to settle down, but things are at its worst. Ukraine President Volodymyr Zelenskyy have visited American President Joe Biden and made some discussion. This will once again keep Russia on pressure. On the other side China is once again facing hard days out of covid-19. So, the economy correction won't happen for now.

It's still 50% that has increased in our country based on my own tracking pre-pandemic. It's thanks to one law in our country where the government can't control the price of it against the oil companies that are importing and doing it on their own refinery.
Still, I'm thankful that I've seen the drop from the highest and that's why it's relieving yet, I want to see to go it back from the price where it's been before but, it's unlikely to be there again.

This shouldn't be new again. It is something that we should expect to happen one day as most oil producing countries normally rely on this for their economy growth. And this will definitely be affected as more oil producing countries were discovered. It is preferable for country to have an alternative source of generating money so that their country's economy won't be affected as price of fuel decreases.

A new, to be honest, very unexpected for me, round of the Covid-19 epidemic in China will now again affect the volume of purchases of Russian oil, the main buyer of which has now become India and China.
Why India and China? There are several reasons:
- for some "money does not smell"
- Russia has nowhere to put surplus oil, and China and India are cruelly dumping Russian oil, forcing Russia to sell its oil to India and China with huge discounts (40-50%).
And now China has problems that again, with a high probability, will lead to a drop in demand for oil, with huge reserves of oil purchased earlier from Russia.
Moreover, a new round of the epidemic may become the impetus that will launch destructive processes in the Chinese economy, which already has big problems.

PS In 24 hours, natural gas futures collapsed in price by about 18% :)

Russia is willing to sell for as low as 20 dollars per barrel and it looks like the sanctions isn't affecting them because some other countries that are thier allies can go for it at a cheaper rate this is where the importance of the crypto currency comes into play....

Oil and gas price has increased here a lot since the beginning of the war. It's still the same as it was then. Not much supply from Russia, which maybe the main reason here. I don't really care much, though. People will buy it despite its price. Only the poor will suffer in this case.
Don't know if we will even see the price drop in a few years. Still processing what will happen next.

Brent is now trading at $84, while the Urals is also being purchased at >$50 per barrel levels. OPEC may not be happy with these levels, as they want a minimum of $100 per barrel. I expect more production cuts from Saudi Arabia and UAE, unless there is a drastic reduction in the Russian output. American shale oil production has remained more or less flat. Once the consumption in China picks up, I expect Brent to trade at $100 to $120 per barrel. LNG prices in 2023 will depend a lot on how severe the winter is in Europe this time.

Bubud is short, just facts, just numbers:
1. Natural Gas Futures - Jan. '23(MNGc1) = 380.60
-48.00 (-11.20%)

2. Graph, in dynamics for 6 months

https://i.ibb.co/wpN2kzD/2022-12-28-17-24-41-Investing-com-Mozilla-Firefox.png

3. Link where you can regularly monitor the gas market
https://ru.investing.com/commodities/natural-gas?cid=49787

The issue is that there's absolutely no balance anymore. Oil prices are extremely volatile and cause gas prices to change on a weekly or even daily basis. Predictions are speculating an increase in oil prices, even surpassing $100 per barrel. I'm getting a feeling that 2023 will be way worse than 2022. On the other hand, CNG has plummeted, marking a 11% decrease just within 24 hours, probably due to the snow storm. I didn't find much relevant information justifying this crash.

The poor people are not secluded when it comes to scarcity of oil and gas. The rich too get affected. Although they may not have it as bad as the poor who can barely afford it, still, they might have to queue up to get the quantity they want.
With this oil and gas inflation and the price drop as minimal as it is, it is no wonder other alternatives to suit the power/energy demand are being developed and those like batteries, are being upgraded to be optimum and efficient do a duration before charge. If the prices have dropped  below $100 now, perhaps we would enter next year, 2023 with hopes of the prices being lower and steadily available for consumption, as well as other forms of energy being deviled into too.