Fuel prices hitting an eight year high

[timerland]

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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[Sithara007]

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.

[Ultegra134]

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.

[Mometaskers]

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.

[Sithara007]

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.

[JohnBitCo]

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.

[blockman]

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.

[Mometaskers]

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.

[Ultegra134]

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.

[Ultegra134]

The condition is becoming worse and worse with Crude and Brent oil prices surpassing $110/barrel, with an uprising trend. It achieved an almost 7% increase within 24 hours. Petrol here now costs €1.98/liter and €1.70/liter for diesel. Along with the rising inflation, which is expected to surpass 7-8% for February.

This is depressing to say the least.

[xSkylarx]

The condition is becoming worse and worse with Crude and Brent oil prices surpassing $110/barrel, with an uprising trend. It achieved an almost 7% increase within 24 hours. Petrol here now costs €1.98/liter and €1.70/liter for diesel. Along with the rising inflation, which is expected to surpass 7-8% for February.

This is depressing to say the least.

The answer is yes, and it is having a detrimental effect on everyone. When you consider that the vast majority of people purchased a vehicle in order to save money, our lives become more complicated. A further factor is that, as you can see, the cost of goods is rising, making it extremely difficult for those with limited financial resources to make ends meet. The future will be extremely difficult for those who earn less than the minimum wage or less than the living wage if this trend continues. wishing that it will be put an end to, as well as the war with Russia, as everyone is going insane due to the high prices at the moment

[savetheFORUM]

The demand for oil continues to increase while oil stocks are limited, of course, the price will continue to increase, especially when there is a war from a big country so that it will make the supply of oil less and less. I hope there won't be another war that can disrupt the global economy and of course it can happen in the long term.

Oil is needed in our everyday life so it's not surprising that the demand is heavy and oil is also hard to produce so its supply is limited, this can drive the price to rise. There is a war that happened recently and your right, the price of oil did really increase.

We all wish that wars will now stop and there will be no more wars in the future because the effect is very devastating but it cant be avoided and there will be times that another new war will spark again. The effects would depend on the duration of the war or if how big is the damage. It can disrupt an economy but the economy still continues to run because they learn how to adapt.

[Ultegra134]

The condition is becoming worse and worse with Crude and Brent oil prices surpassing $110/barrel, with an uprising trend. It achieved an almost 7% increase within 24 hours. Petrol here now costs €1.98/liter and €1.70/liter for diesel. Along with the rising inflation, which is expected to surpass 7-8% for February.

This is depressing to say the least.

The answer is yes, and it is having a detrimental effect on everyone. When you consider that the vast majority of people purchased a vehicle in order to save money, our lives become more complicated. A further factor is that, as you can see, the cost of goods is rising, making it extremely difficult for those with limited financial resources to make ends meet. The future will be extremely difficult for those who earn less than the minimum wage or less than the living wage if this trend continues. wishing that it will be put an end to, as well as the war with Russia, as everyone is going insane due to the high prices at the moment

I'm trying not to moan and groan about the situation, since there are people who are certainly in a worse position than I am (in terms of financial stability, political situation, etc). There is currently a war going on, not far from our borders, it sounds petty to moan about the increasing cost of living, when there are people fighting for their lives (and not only in Ukraine, Syria, Iraq, Iran have been devastated by wars). Anyway, I'm generally an anxious person, thus, my own anxiety when thinking about the future can easily swallow me. Thankfully, Bitcointalk and Bitcoin itself have severely assisted me financially.

The demand for oil continues to increase while oil stocks are limited, of course, the price will continue to increase, especially when there is a war from a big country so that it will make the supply of oil less and less. I hope there won't be another war that can disrupt the global economy and of course it can happen in the long term.

Oil is needed in our everyday life so it's not surprising that the demand is heavy and oil is also hard to produce so its supply is limited, this can drive the price to rise. There is a war that happened recently and your right, the price of oil did really increase.

We all wish that wars will now stop and there will be no more wars in the future because the effect is very devastating but it cant be avoided and there will be times that another new war will spark again. The effects would depend on the duration of the war or if how big is the damage. It can disrupt an economy but the economy still continues to run because they learn how to adapt.

The economy does continue to run and adapt, that's for sure, people on the other hand, beg to differ.

[bosede1]

Two weeks ago I learned that the oil that was dispatched across my country Nigeria is mixed, and since some of the petrol stations have stopped selling, so due to this the available ones are filled up. Before now a liter is 162Naira, it increased to 165 Naira and at present, some filling station sells at 250 Naira and even with the surge in the price you will wait for nothing less than 2 hours if you are lucky to get fuel early but we still have some which sell at 162 Naira but be ready to spend the whole day at the filling station because of the queue. Some people get to the filling station as early as 6 am just to avoid the queue.

[so98nn]

Two weeks ago I learned that the oil that was dispatched across my country Nigeria is mixed, and since some of the petrol stations have stopped selling, so due to this the available ones are filled up. Before now a liter is 162Naira, it increased to 165 Naira and at present, some filling station sells at 250 Naira and even with the surge in the price you will wait for nothing less than 2 hours if you are lucky to get fuel early but we still have some which sell at 162 Naira but be ready to spend the whole day at the filling station because of the queue. Some people get to the filling station as early as 6 am just to avoid the queue.

God save you guys! The under developing countries are worst hit as always. I mean even the developed countries and developing one are having issues with the petrol and diesele price hike issues and this is all because of the crude oil getting pitty heavy to extract and also distribute. The rumours are now spreading that with the Russia and Ukraine war, things gonna get pretty heated up across the globe. As a result of war, they will need fuel, inflation will rise and thus ultimately the cost will be seen rising for the common man like you and me. Since we not talking about county, or country, we talking about whole continent getting separated out from the national economy. So yup, whether its fuel or other sources, everything is going to be diamond costly! 

[Quidat]

Two weeks ago I learned that the oil that was dispatched across my country Nigeria is mixed, and since some of the petrol stations have stopped selling, so due to this the available ones are filled up. Before now a liter is 162Naira, it increased to 165 Naira and at present, some filling station sells at 250 Naira and even with the surge in the price you will wait for nothing less than 2 hours if you are lucky to get fuel early but we still have some which sell at 162 Naira but be ready to spend the whole day at the filling station because of the queue. Some people get to the filling station as early as 6 am just to avoid the queue.

God save you guys! The under developing countries are worst hit as always. I mean even the developed countries and developing one are having issues with the petrol and diesele price hike issues and this is all because of the crude oil getting pitty heavy to extract and also distribute. The rumours are now spreading that with the Russia and Ukraine war, things gonna get pretty heated up across the globe. As a result of war, they will need fuel, inflation will rise and thus ultimately the cost will be seen rising for the common man like you and me. Since we not talking about county, or country, we talking about whole continent getting separated out from the national economy. So yup, whether its fuel or other sources, everything is going to be diamond costly! 

For those who could afford then this wont really be an issue but of us who are just ordinary citizens plus having those average income will surely get affect or hit hard on these climbing prices
not only limited on petrol alone but also in other necessities as well which do really sucks.If you dont find other way on getting other source of income then you would be fucked up.
Living daily would really be a struggle not only via means of transportation but also on the food that you do eat.

[Sithara007]

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.

If the EU stops buying Russian oil, then it will hurt them more than it will ever hurt Putin. Because Russia is the closest source of petroleum for them. Transporting all the oil from the GCC nations can be expensive. Also, the refineries in the European Union are specifically designed to process the type of crude oil that Russia produces. They require additional modifications to enable them to use crude from elsewhere. And Russia will be impacted, but not much. They can easily sell their oil at a small discount to China and India.

[Sir Legend]

Fuel will always be an important issue in the future, the increasing demand for oil makes many big countries expand to many countries, the presence of alternative energy has not been able to have any impact so I believe that fuel prices can reach at least 10x in 50 years.

[Obito]

Fuel will always be an important issue in the future, the increasing demand for oil makes many big countries expand to many countries, the presence of alternative energy has not been able to have any impact so I believe that fuel prices can reach at least 10x in 50 years.

It would've been solved already if the governments made any efforts to switch to renewable energy and we could've possibly solved the problem of renewable energy intermittence a long time ago but no, they wanted to keep Middle East a relevant region so they continue relying on oil. This will continue as long as we have dependence on oil, probably we will only go with renewable when it's already too late.

[Belva Tiphany]

Fossil energy is still the mainstream of the world. Now many scientists have different opinions on renewable energy.
One of the reasons for the rise in oil prices is because of the outbreak of war. Many people have the intention of condemning the rise in oil prices.
New energy projects may sprout up during this time. We can keep watching.