Fuel prices hitting an eight year high

[DrBeer]

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.

Nobody meddles in the internal politics of the Russian Federation - there the Kremlin do what they want - this is the problem of the local population, or everything suits them. It is the EU that does not want a new global war in Europe, but Putin, apart from terrorism, has no methods left to sell gas and distract his own population from internal problems. But it is good that the Russian Federation is no longer secretly terrorizing Europe economically - the EU will understand that the Russian Federation cannot be a stable partner, and the EU will be forced, "thanks" to the Russian Federation, to reduce purchases in the Russian Federation itself and allow other suppliers to enter the market and actually diversify supplies. Tantrums will be arranged by those who are sitting on Russian money from the sale of gas - Schroeder and others like him. I would not be surprised if Merkel already has an office ready and a warm, well-paid (at the expense of Europeans' wallets) position in Gazprom
But the patronage of Putin and co is starting to lose ground, not all European politicians are corrupt. Most likely, for another 2-4 years, this picture will persist until new channels for gas supply to the EU appear ... And let the Russian Federation begin to think about where to store gas and where to give it "for thanks", after the loss of consumers in the EU ... In Russia itself, there are not enough gas storage facilities; for this, storage facilities in Ukraine have always been used. And if we talk about consumers, then only in the EU politicians "lobbied" for an almost monopoly purchase from the Russian Federation, and in China it will not work to bribe ministers, the maximum they will agree to is to take gas for free, which the Russian Federation cannot sell

[xSkylarx]

Prices for fuel right now are getting lower. Here in the country, it is getting lower, but I think after a rollback, another big rise will occur soon. The reason why the price is rising this month is the shortage of fuel since the pandemic has lessened and the economy is opening. That's why the demand for fuel is getting higher but the production is still like in a pandemic situation. I am hoping that it will lower and stabilize since the price is too high and not very affordable right now. People right now do not have a lot of spare money. 

[syedzakir]

The fuel prices are going high day by day because of the rise of fuel rate in the international market.
These prices are having great impact on all other things and their prices are also going high day by day in terms of fuel adjustment charges.
This is probably the eight years high price because of the reason that the economy is facing challenges after the Corona outbreak and till now they are recovering to their previous position.

[Ultegra134]

Fuel prices continue climbing once again, with Crude and Brent barrel price surpassing $84 and $86 respectively. The situation is getting out of hand, with Unleaded 95 petrol now costing €1.838 per liter, and regular diesel €1.538 per liter. Fueling up, the average car now would cost €82.70 (45 liter tank) for petrol, and almost €65 for diesel.

We're only a few months away from the upcoming tourist season in Greece, will price levels ever return to normal or will they simply continue to rise, especially when the new season starts.

[timerland]

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

Fuel prices are excluded from "underlying" or "core" inflation, which means that the actual inflation figures when taking into account volatile goods is probably in the double digits for most countries now.

This is precisely why you need to diversify out of fiat assets. They WILL lose purchasing power as a function of time.

[Sithara007]

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

[Ultegra134]

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

Fuel prices are excluded from "underlying" or "core" inflation, which means that the actual inflation figures when taking into account volatile goods is probably in the double digits for most countries now.

This is precisely why you need to diversify out of fiat assets. They WILL lose purchasing power as a function of time.

That's interesting, I didn't actually know that, I thought that inflation also included gas prices, but it seems like it doesn't. The increasing inflation, along with the energy crisis (fuel, electricity prices etc.) are dramatically reducing our available income. It's astonishing because I believed that it was dying down a month ago, with Crude barrel's price going below $60-65.

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

And I also expect it to rise furthermore in the near future, it has an increasing trend, we're definitely going to face higher prices in the near future, while inflation is getting worse and worse.

[Ultegra134]

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

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

[ReiMomo]

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

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

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

[Ultegra134]

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

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

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

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

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

[Hamphser]

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

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

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

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

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

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

[mia_houston]

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

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

[Sithara007]

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

[Ultegra134]

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

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

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

[The Sceptical Chymist]

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.

[Lanatsa]

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

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

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

It was already been anticipated on previous year.

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

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

[Ultegra134]

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

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

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

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

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

[boyptc]

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

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

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

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

[Ultegra134]

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

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

[Captain Corporate]

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