Fuel prices hitting an eight year high

[Ultegra134]

There hasn't been any change in fuel prices in the past 1-2 weeks, here in Greece. However, I've observed a downward trend on Crude Oil, which is rapidly losing in value, closing at approximately $73/barrel. Are we coming to an end, regarding tremendously expensive fuel prices? Lets shall wait and see, in the near future.

https://www.investing.com/commodities/brent-oil

P.S I'm now reading that its drop is possibly caused by the new Covid-19 virus strain, which is threatening the oil demand.

https://www.ft.com/content/8e13522e-70e0-462a-bf15-476c9e0a0cec

[CaVO32]

Oil will always be an important issue in the world, various policies to be able to suppress oil prices are not effective because the use of oil continues to increase and cannot be controlled, many countries do not want to develop alternative energy because most oil companies are state-owned so it will be a loss if the state also develops alternative energy massively.

This is why the experience of oil users vary from all parts of the world. It depends on their government how they tackle this issue. But those oil-rich countries are enjoying the spotlight because there will always be consumers across the globe. And somehow, they can dictate their price because people need it.

There hasn't been any change in fuel prices in the past 1-2 weeks, here in Greece. However, I've observed a downward trend on Crude Oil, which is rapidly losing in value, closing at approximately $73/barrel. Are we coming to an end, regarding tremendously expensive fuel prices? Lets shall wait and see, in the near future.

https://www.investing.com/commodities/brent-oil

This situation may vary from country to country. But good for those who are residing in your area but in my area, the fuel prices are continuously increasing. Checking the fuel prices around the globe, I didn't expect that Venezuela has the lowest gasoline price here.

https://www.globalpetrolprices.com/gasoline_prices/

[Sithara007]

LOL.. Brent Crude crashed by 12% in a day, to end up at $72.72.

https://oilprice.com/oil-price-charts/#prices

Covid destroyed the combined efforts of Biden, OPEC and Putin. And at last, some good news for the oil consuming nations. But I need to see the long term impact. If the prices dip further, then the shale oil producers (especially in regions like Eagle Ford, Permian, Sugarkane and Bakken) are going to cut down on their future production plans. And this in turn will result in a scarcity in near future.

[Ultegra134]

LOL.. Brent Crude crashed by 12% in a day, to end up at $72.72.

https://oilprice.com/oil-price-charts/#prices

Covid destroyed the combined efforts of Biden, OPEC and Putin. And at last, some good news for the oil consuming nations. But I need to see the long term impact. If the prices dip further, then the shale oil producers (especially in regions like Eagle Ford, Permian, Sugarkane and Bakken) are going to cut down on their future production plans. And this in turn will result in a scarcity in near future.

Yup, I was also tremendously surprised too but on the other hand, I kind of expected it. Austria has already imposed a full lockdown, Germany is possibly going that way too, and especially now with the new virus strain, it's definitely going to crash even further. I use my car on a daily basis (university, work, groceries etc.), spending more than 120 euros per month just on petrol, it's way too much.

[jaberwock]

Dollar prices of fuel increasing is also a terrible situation for nations who have weak fiat against dollar as well. People do not consider the added costs of that problem. I have to say it is very difficult for a nation that loses value constantly and then the fuel prices increase at the same time as well. That means while you are getting poor because of your own fiat, you are getting even poorer on top of that because oil prices in dollar increased as well.

It is not really something that I would see a get out of, like what could you even possibly do when the case is that strong and that dire? What is a solution to that? Better people than me tried and failed so I have no idea how to do it.

[DrBeer]

Dollar prices of fuel increasing is also a terrible situation for nations who have weak fiat against dollar as well. People do not consider the added costs of that problem. I have to say it is very difficult for a nation that loses value constantly and then the fuel prices increase at the same time as well. That means while you are getting poor because of your own fiat, you are getting even poorer on top of that because oil prices in dollar increased as well.

It is not really something that I would see a get out of, like what could you even possibly do when the case is that strong and that dire? What is a solution to that? Better people than me tried and failed so I have no idea how to do it.

Another rather narrow issue is local fuel pricing, market monopolization, cartel collusion. This significantly more affects the local fuel price than market fluctuations in the price of crude oil. For example, we have that oil is falling, that it is growing, the price of gasoline is only growing At the same time, suppliers shrug their shoulders and each time they give out some regular explanations why when the price of oil decreases, we do not observe a decrease in the price of gasoline. No, I do not demand that the price of gasoline be reduced on the same day, I understand that this batch is still from that expensive one, but when a batch of cheap oil comes to an oil refinery, should they get gasoline with a lower cost at the exit?
PS I'm already seriously starting to think about buying a Tesla in exchange for my current device with a 4-liter gasoline engine

[Sithara007]

LOL.. Brent Crude crashed by 12% in a day, to end up at $72.72.

https://oilprice.com/oil-price-charts/#prices

Covid destroyed the combined efforts of Biden, OPEC and Putin. And at last, some good news for the oil consuming nations. But I need to see the long term impact. If the prices dip further, then the shale oil producers (especially in regions like Eagle Ford, Permian, Sugarkane and Bakken) are going to cut down on their future production plans. And this in turn will result in a scarcity in near future.

Yup, I was also tremendously surprised too but on the other hand, I kind of expected it. Austria has already imposed a full lockdown, Germany is possibly going that way too, and especially now with the new virus strain, it's definitely going to crash even further. I use my car on a daily basis (university, work, groceries etc.), spending more than 120 euros per month just on petrol, it's way too much.

It went down even further. Brent crude is now trading at $70.57 per barrel. Ideally the oil consuming countries should make use of this opportunity to accumulate as much oil as possible. When oil was trading at $40-$50 per barrel, a lot of them thought that the prices will remain like that for the long term and never bothered to increase the strategic reserves. Then all of a sudden the prices went up by 100% and everyone was scrambling for oil. Here in India, we are yet to witness any additional lockdown measure. There is no spike in the number of new infections, from what I have seen.

[Ultegra134]

LOL.. Brent Crude crashed by 12% in a day, to end up at $72.72.

https://oilprice.com/oil-price-charts/#prices

Covid destroyed the combined efforts of Biden, OPEC and Putin. And at last, some good news for the oil consuming nations. But I need to see the long term impact. If the prices dip further, then the shale oil producers (especially in regions like Eagle Ford, Permian, Sugarkane and Bakken) are going to cut down on their future production plans. And this in turn will result in a scarcity in near future.

Yup, I was also tremendously surprised too but on the other hand, I kind of expected it. Austria has already imposed a full lockdown, Germany is possibly going that way too, and especially now with the new virus strain, it's definitely going to crash even further. I use my car on a daily basis (university, work, groceries etc.), spending more than 120 euros per month just on petrol, it's way too much.

It went down even further. Brent crude is now trading at $70.57 per barrel. Ideally the oil consuming countries should make use of this opportunity to accumulate as much oil as possible. When oil was trading at $40-$50 per barrel, a lot of them thought that the prices will remain like that for the long term and never bothered to increase the strategic reserves. Then all of a sudden the prices went up by 100% and everyone was scrambling for oil. Here in India, we are yet to witness any additional lockdown measure. There is no spike in the number of new infections, from what I have seen.

It even went down further, yesterday if I'm not mistaken, below $70, at approximately $68-$69. However, we're yet to see any difference in gasoline prices here, at least where I live. My best guess is that there are still reserves bought at a higher price.

No quarantine measures have taken place in Greece either, despite the increasing number of cases, however, I believe that fuel prices will slowly subside, due to the new variant.

[ReiMomo]

LOL.. Brent Crude crashed by 12% in a day, to end up at $72.72.

https://oilprice.com/oil-price-charts/#prices

Covid destroyed the combined efforts of Biden, OPEC and Putin. And at last, some good news for the oil consuming nations. But I need to see the long term impact. If the prices dip further, then the shale oil producers (especially in regions like Eagle Ford, Permian, Sugarkane and Bakken) are going to cut down on their future production plans. And this in turn will result in a scarcity in near future.

Yup, I was also tremendously surprised too but on the other hand, I kind of expected it. Austria has already imposed a full lockdown, Germany is possibly going that way too, and especially now with the new virus strain, it's definitely going to crash even further. I use my car on a daily basis (university, work, groceries etc.), spending more than 120 euros per month just on petrol, it's way too much.

It went down even further. Brent crude is now trading at $70.57 per barrel. Ideally the oil consuming countries should make use of this opportunity to accumulate as much oil as possible. When oil was trading at $40-$50 per barrel, a lot of them thought that the prices will remain like that for the long term and never bothered to increase the strategic reserves. Then all of a sudden the prices went up by 100% and everyone was scrambling for oil. Here in India, we are yet to witness any additional lockdown measure. There is no spike in the number of new infections, from what I have seen.

It even went down further, yesterday if I'm not mistaken, below $70, at approximately $68-$69. However, we're yet to see any difference in gasoline prices here, at least where I live. My best guess is that there are still reserves bought at a higher price.

No quarantine measures have taken place in Greece either, despite the increasing number of cases, however, I believe that fuel prices will slowly subside, due to the new variant.

This indicates everyone faces the same issue all over the world. Here all other products' price as well has gone high blaming gas and fuel price have increased. The other main reason for the hike is said to be the Pandamic business loss. I mean, all goods businessmen tend to say that they have lost so much during the lock down and to equalize that, the price is increased they say. But everyone's salary remains the same!. Really not able to shout out on this issue.

[LUCKMCFLY]

You are right, for now Venezuela has no salvation, is that I think that even if oil were to reach the powerful sum of $ 1k per barrel, it would be even poorer, because the government's thinking is to give everything away to Cuba, Nicaraguaa and all those Countries that share their political ideology, corruption is extreme, there is no way it can be solved, what people do is try to survive with a business that they can start, apart from the fact that services are very limited and every day lacks quality Like electricity, water, telephone, here what is being extracted is oil, but everything goes to China and Russia.

Well, if the government of the country, instead of taking real steps to get the economy out of the crisis, play some idiotic games in order to "take revenge" on someone. As practice shows, the result of such merrymaking leads to a sad result, and in this case - most likely to further destruction of the economy. Handing out a friendly pat on the shoulder, a key resource, is an absolutely idiotic idea. We must remember that those who "pat on the shoulder" historically always use them to their advantage, and as soon as Venezuela becomes uninteresting, they will immediately turn away from it and pretend that they do not know it.
But let me remind you once again - a stupid president, this is just a "catalyst for problems", but the problem itself is of a systemic nature, and it is called a resource-based economy ...

Yes, in part it is as you say, the culture that people have is very liberal, that is, if they are bad they do not want to continue bad, as long as the government gives them a bag of food every 15 days, but in terms of progress such as university careers, the level of education drops remarkably, the professionals are not of the same quality as before, and I think that is the engine of every country, or simply those professionals do not stay in the country due to lack of opportunities and they go to other countries to practice.

[andriarto]

Dollar prices of fuel increasing is also a terrible situation for nations who have weak fiat against dollar as well. People do not consider the added costs of that problem. I have to say it is very difficult for a nation that loses value constantly and then the fuel prices increase at the same time as well. That means while you are getting poor because of your own fiat, you are getting even poorer on top of that because oil prices in dollar increased as well.

It is not really something that I would see a get out of, like what could you even possibly do when the case is that strong and that dire? What is a solution to that? Better people than me tried and failed so I have no idea how to do it.

Another rather narrow issue is local fuel pricing, market monopolization, cartel collusion. This significantly more affects the local fuel price than market fluctuations in the price of crude oil. For example, we have that oil is falling, that it is growing, the price of gasoline is only growing At the same time, suppliers shrug their shoulders and each time they give out some regular explanations why when the price of oil decreases, we do not observe a decrease in the price of gasoline. No, I do not demand that the price of gasoline be reduced on the same day, I understand that this batch is still from that expensive one, but when a batch of cheap oil comes to an oil refinery, should they get gasoline with a lower cost at the exit?
PS I'm already seriously starting to think about buying a Tesla in exchange for my current device with a 4-liter gasoline engine

it seems that for local gasoline prices in my country as far as I have observed, it's easy to raise it but hard to lower it. when gasoline prices increase, of course there will be many demonstrations, but they will disappear along with habits, but when world oil prices fall, the government is reluctant to lower the price, maybe because it requires extra energy to increase it again along with world oil prices.

[ziyaaa]

Fuel prices are increasing in the world but the reason behind is not always the same everywhere of course. For example, in my country the biggest reason is the bad management of the economy. The government policies are very wrong that they cause everything about the economy to go down sharply. And the fuel prices are also in this. I wonder until when this increase in the prices will continue.

[dzonikg28]

There hasn't been any change in fuel prices in the past 1-2 weeks, here in Greece. However, I've observed a downward trend on Crude Oil, which is rapidly losing in value, closing at approximately $73/barrel. Are we coming to an end, regarding tremendously expensive fuel prices? Lets shall wait and see, in the near future.

https://www.investing.com/commodities/brent-oil

P.S I'm now reading that its drop is possibly caused by the new Covid-19 virus strain, which is threatening the oil demand.

https://www.ft.com/content/8e13522e-70e0-462a-bf15-476c9e0a0cec

The problem is that the supply can be manipulated literally at any time. Just let the nations providing oil and gas be greedy and they can decrease supply.

But who would have expected that we are going to see 8 year record prices after the insane crash we had in early 2020 where we had even negative oil prices? It settled at $37.63 negative...

[paxmao]

Currently all the market is looking at Omicron variant. This may have a strong effect in the price of oil if it is effectively confirmed to be a variant of concern for OCDE economies and for China. If that is the case, the oil will go down, not severely due to the already not that good supply lines, but probably enough to pinch the bubble. In any other case or scenario, the price is set to be even higher during at least 1 and perhaps up to 2 years while production and energy mixes adjust themselves to the new situation.

[geegaw]

Dollar prices of fuel increasing is also a terrible situation for nations who have weak fiat against dollar as well. People do not consider the added costs of that problem. I have to say it is very difficult for a nation that loses value constantly and then the fuel prices increase at the same time as well. That means while you are getting poor because of your own fiat, you are getting even poorer on top of that because oil prices in dollar increased as well.

It is not really something that I would see a get out of, like what could you even possibly do when the case is that strong and that dire? What is a solution to that? Better people than me tried and failed so I have no idea how to do it.

Another rather narrow issue is local fuel pricing, market monopolization, cartel collusion. This significantly more affects the local fuel price than market fluctuations in the price of crude oil. For example, we have that oil is falling, that it is growing, the price of gasoline is only growing At the same time, suppliers shrug their shoulders and each time they give out some regular explanations why when the price of oil decreases, we do not observe a decrease in the price of gasoline. No, I do not demand that the price of gasoline be reduced on the same day, I understand that this batch is still from that expensive one, but when a batch of cheap oil comes to an oil refinery, should they get gasoline with a lower cost at the exit?
PS I'm already seriously starting to think about buying a Tesla in exchange for my current device with a 4-liter gasoline engine

it seems that for local gasoline prices in my country as far as I have observed, it's easy to raise it but hard to lower it. when gasoline prices increase, of course there will be many demonstrations, but they will disappear along with habits, but when world oil prices fall, the government is reluctant to lower the price, maybe because it requires extra energy to increase it again along with world oil prices.

I think for countries that don't have mineral resources as well as technology and can't negotiate well in the international arena, the price of imported fuel will always be high and the government can only deduct a part of the budget to limit the sharp increase in prices, the rest will be calculated into people's income and expenditure. In addition, some bad governments often take advantage of these occasions to pocket some of their own money from taxes and budgets, sometimes encounter complaints and resistance from people, they will also have a few months of adjustment but quickly, the old scenario will repeat when this event is forgotten

[Ultegra134]

There hasn't been any change in fuel prices in the past 1-2 weeks, here in Greece. However, I've observed a downward trend on Crude Oil, which is rapidly losing in value, closing at approximately $73/barrel. Are we coming to an end, regarding tremendously expensive fuel prices? Lets shall wait and see, in the near future.

https://www.investing.com/commodities/brent-oil

P.S I'm now reading that its drop is possibly caused by the new Covid-19 virus strain, which is threatening the oil demand.

https://www.ft.com/content/8e13522e-70e0-462a-bf15-476c9e0a0cec

The problem is that the supply can be manipulated literally at any time. Just let the nations providing oil and gas be greedy and they can decrease supply.

But who would have expected that we are going to see 8 year record prices after the insane crash we had in early 2020 where we had even negative oil prices? It settled at $37.63 negative...

It was kind of expected that fuel prices would crash during the pandemic, let's keep in mind that most countries had quarantine measures in place. However, when that ended, I never expected such rise, in such a small period. On the other hand, I wasn't surprised that fuel prices rose, since oil companies were trying to recoup their losses, but honestly, I've never seen gas costing 1.82€/liter, for regular unleaded.

[noormcs5]

LOL.. Brent Crude crashed by 12% in a day, to end up at $72.72.

https://oilprice.com/oil-price-charts/#prices

Covid destroyed the combined efforts of Biden, OPEC and Putin. And at last, some good news for the oil consuming nations. But I need to see the long term impact. If the prices dip further, then the shale oil producers (especially in regions like Eagle Ford, Permian, Sugarkane and Bakken) are going to cut down on their future production plans. And this in turn will result in a scarcity in near future.

Yup, I was also tremendously surprised too but on the other hand, I kind of expected it. Austria has already imposed a full lockdown, Germany is possibly going that way too, and especially now with the new virus strain, it's definitely going to crash even further. I use my car on a daily basis (university, work, groceries etc.), spending more than 120 euros per month just on petrol, it's way too much.

I heard the oil prices went down considerably once the new variant of the covid is discovered. However, not in every country get this discounted prices and most government are still giving oil to their people at the same high rates.

[dzonikg28]

There hasn't been any change in fuel prices in the past 1-2 weeks, here in Greece. However, I've observed a downward trend on Crude Oil, which is rapidly losing in value, closing at approximately $73/barrel. Are we coming to an end, regarding tremendously expensive fuel prices? Lets shall wait and see, in the near future.

https://www.investing.com/commodities/brent-oil

P.S I'm now reading that its drop is possibly caused by the new Covid-19 virus strain, which is threatening the oil demand.

https://www.ft.com/content/8e13522e-70e0-462a-bf15-476c9e0a0cec

The problem is that the supply can be manipulated literally at any time. Just let the nations providing oil and gas be greedy and they can decrease supply.

But who would have expected that we are going to see 8 year record prices after the insane crash we had in early 2020 where we had even negative oil prices? It settled at $37.63 negative...

It was kind of expected that fuel prices would crash during the pandemic, let's keep in mind that most countries had quarantine measures in place. However, when that ended, I never expected such rise, in such a small period. On the other hand, I wasn't surprised that fuel prices rose, since oil companies were trying to recoup their losses, but honestly, I've never seen gas costing 1.82€/liter, for regular unleaded.

That is what I am saying. The crash was to be expected even though, frankly speaking I didn't know prices could ever go negative! But that bounce back then is quite unprecedented when it comes oil I suppose? I mean the whole economy went nuts with all that financial support. Pandemic is spreading and stock prices deliver one ATH after another.

[Sithara007]

Oil prices are holding steady at around $70 per barrel. But it is the natural gas which is going up like crazy. In Europe and East Asia, natural gas is trading at $1,000 to $1,200 per thousand cubic meter. The oil equivalent price for LNG right now is around $200 per barrel (a few months ago, it used to be around $10 per barrel). Europe is facing a massive shortage, as Russia has refused to increase the supplies. Now they can't blame Russia as well, after imposing sanctions and embargoes on that country. On one hand they want gas from Russia, and on the other they want to interfere with Russian politics.

[Ultegra134]

Oil prices are holding steady at around $70 per barrel. But it is the natural gas which is going up like crazy. In Europe and East Asia, natural gas is trading at $1,000 to $1,200 per thousand cubic meter. The oil equivalent price for LNG right now is around $200 per barrel (a few months ago, it used to be around $10 per barrel). Europe is facing a massive shortage, as Russia has refused to increase the supplies. Now they can't blame Russia as well, after imposing sanctions and embargoes on that country. On one hand they want gas from Russia, and on the other they want to interfere with Russian politics.

Wasn't aware that the embargo with Russia was still holding strong, wasn't that imposed quite a few years ago? Anyway, I'm now seeing that it dropped even further, down to $66 per barrel, it's a significant drop from the $80 range. Despite the massive drop in prices, the prices in pumps are yet to change here, in Greece, possibly trying to sell as much stock as possible, which was bought at a significantly higher price.