Fuel prices hitting an eight year high

[Sithara007]

Crude prices are just blasting off to space. The last time I checked, Brent Crude was trading at $118 per barrel, which is almost 100% higher than the rate we were having one year back. And the biggest joke is that all of this is just helping Putin. He is earning billions of USD in additional revenue, with each $1 rise in the crude oil price. The US and it's NATO allies are becoming a laughing stock here. On one hand they are imposing embargoes which results in a price spike for crude oil. And on the other hand, Putin is getting richer as a result.

[Ultegra134]

I started this thread back on 8th of October, recording an eight-year-high record, with petrol surpassing €1.75/liter and diesel €1.45/liter, while heating gas oil costed €1.12-1.15 if I remember correctly

Fuel prices have skyrocketed in the past few months, on a worldwide scale. Here in Greece, the average price per liter for 95 Unleaded petrol is €1.75, while for diesel it's approximately €1.45. A huge surge is also expected, in the soon-to-be launched season of heating gas oil, which is expected to start within the next few weeks, with a rumored price of at least €1.10/liter.

Currently, we're sitting at €2.06/liter for 95 Unleaded petrol and Diesel €1.85/liter, it's astonishing that €1.75 appeared too high a few months ago, only to be proven wrong shortly after.

Crude prices are just blasting off to space. The last time I checked, Brent Crude was trading at $118 per barrel, which is almost 100% higher than the rate we were having one year back. And the biggest joke is that all of this is just helping Putin. He is earning billions of USD in additional revenue, with each $1 rise in the crude oil price. The US and it's NATO allies are becoming a laughing stock here. On one hand they are imposing embargoes which results in a price spike for crude oil. And on the other hand, Putin is getting richer as a result.

As you've already said, and I've mentioned in the past, that these sanctions are not hurting Russia, they might be hurting its citizens but not Putin himself. As a result, Crude oil prices have surpassed $118/barrel, which is subject to worsen in the near future.

[coolcoinz]

Crude prices are just blasting off to space. The last time I checked, Brent Crude was trading at $118 per barrel, which is almost 100% higher than the rate we were having one year back. And the biggest joke is that all of this is just helping Putin. He is earning billions of USD in additional revenue, with each $1 rise in the crude oil price. The US and it's NATO allies are becoming a laughing stock here. On one hand they are imposing embargoes which results in a price spike for crude oil. And on the other hand, Putin is getting richer as a result.

Everyone who invests in oil can become richer. We don't know Putin's personal portfolio, but with all that's happening I wouldn't be counting my money if I were him but rather think if I'll ever be able to spend all of it. If he is sentenced as a war criminal it's all for nothing and this is where things are going.

I wonder if these oil prices will end up destroying weaker fiat currencies in the EU. We all know what was happening to the lira and now more countries are facing extreme inflation and businesses that operate on tight margins and rely on road transport, like food delivery, will face bankruptcy due to gas prices going 2x. Bankruptcies will only speed up inflation and we'll all get stock market crashes similar to the one in Russia.

[The Sceptical Chymist]

About a month ago I wrote this 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.

At the time I think gas was going for $2.57/gallon or thereabouts, which was the price it'd been at for months.  Now I look out my window at the local gas station and a gallon of gas is going for $4.38!  That gigantic leap has happened in the past week or so (as I said in my previous post I don't track oil/gas prices), certainly it's been since the Russia/Ukraine war. 

I can't imagine this is going to get any better anytime soon, and this is going to hit a lot of innocent bystanders hard in their pocketbooks.  Not just in the US but around the world--I'd imagine in Europe it's even worse. 

<snip>these sanctions are not hurting Russia, they might be hurting its citizens but not Putin himself. As a result, Crude oil prices have surpassed $118/barrel, which is subject to worsen in the near future.

That's the truth, brother.  Putin, like all world leaders, is insulated against the effects of sanctions; it's the average citizen that takes it up the butt because of stupid, stupid political decisions.

[boyptc]

Currently, we're sitting at €2.06/liter for 95 Unleaded petrol and Diesel €1.85/liter, it's astonishing that €1.75 appeared too high a few months ago, only to be proven wrong shortly after.

Our car is an SUV and damn, usually when I'm half tank it would only costs me around $30 to be full tank. But due to the continuous hike of fuel. It has come more than $40.

A little amount for the others but that increase would be more and likely won't stop. There's another round of increase for the price by next week and makes me feel bad even I've already full tanked a day ago.

This makes me just want to stay at home and not go with those unimportant errands. I've read that some oil companies are going to let it go and flow into the supply with millions of barrels to at least ease this unstoppable price increase but I don't know when those supplies and when we shall feel the decrease.

[Ultegra134]

About a month ago I wrote this 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.

At the time I think gas was going for $2.57/gallon or thereabouts, which was the price it'd been at for months.  Now I look out my window at the local gas station and a gallon of gas is going for $4.38!  That gigantic leap has happened in the past week or so (as I said in my previous post I don't track oil/gas prices), certainly it's been since the Russia/Ukraine war. 

I can't imagine this is going to get any better anytime soon, and this is going to hit a lot of innocent bystanders hard in their pocketbooks.  Not just in the US but around the world--I'd imagine in Europe it's even worse. 

<snip>these sanctions are not hurting Russia, they might be hurting its citizens but not Putin himself. As a result, Crude oil prices have surpassed $118/barrel, which is subject to worsen in the near future.

That's the truth, brother.  Putin, like all world leaders, is insulated against the effects of sanctions; it's the average citizen that takes it up the butt because of stupid, stupid political decisions.

I work at a gas station for the past 3 years, thus, I was the first to notice price fluctuations. Usually, the prices would gradually increase with the start of the tourism season, somewhere from April to June, till they stabilize somewhere in August, where it's the peak of the tourism season in Greece. Undoubtedly, fuel was always expensive in Greece, and in the past, I didn't bother much about a 2-3 cent increase, but now it has gotten out of reach. My car is sitting at almost empty, if I am to fill it up to the top, I'll need approximately 40-45 liters, which equals to approximately 90-95 euros. This is about 1/7 or 1/8th of my total monthly income.

[Mauser]

The rising fuel prices really make me worry. It was to be expected that a new major conflict is going to make the energy prices soar, but at the rate we are seeing right now is alarming. The gas stations seem to change their prices two times a day. What is very surprising right now is that Diesel prices are even more expensive than normal fuel. Diesel was usually cheaper than other fuel types, but since Russia is a big exporter for Diesel that doesn't hold true anymore.
The big issue with rising fuel prices is that we already have high inflation rates last year. Food prices are rising, construction materials are at an all time high, and now fuel and energy prices are following. If this continues than we could face a inflation spiral that will increase all other prices too. Once all the consumer prices reach new all time highs, wages have to rise also. I wonder how the politicians are going to solve that dilemma.

[Ultegra134]

The rising fuel prices really make me worry. It was to be expected that a new major conflict is going to make the energy prices soar, but at the rate we are seeing right now is alarming. The gas stations seem to change their prices two times a day. What is very surprising right now is that Diesel prices are even more expensive than normal fuel. Diesel was usually cheaper than other fuel types, but since Russia is a big exporter for Diesel that doesn't hold true anymore.
The big issue with rising fuel prices is that we already have high inflation rates last year. Food prices are rising, construction materials are at an all time high, and now fuel and energy prices are following. If this continues than we could face a inflation spiral that will increase all other prices too. Once all the consumer prices reach new all time highs, wages have to rise also. I wonder how the politicians are going to solve that dilemma.

That's something I also noticed in the gas station. The past week or two, we've been changing the prices almost on a daily basis, it appears that diesel is increasing in larger increments than petrol.

For instance, on Wednesday, we received a notification to update the prices, petrol increased from €1.998 to €2.028, while diesel increased from €1.728 to €1.778, respectively yesterday, petrol rised from €2.028 to €2.058, and diesel up to €1.848. Thus, you can easily notice that petrol rises in increments of 2-3 cents, while diesel those of 5-7 cents. It's astonishing that these changes happen almost on a daily basis.

[cheezcarls]

It also affects here in the Philippines. In my city right now, public transport drivers are planning to have a transport strike for 5 consecutive days asking the Department of Transportation to increase the jeepney fare from 10 Philippine pesos to 15 Philippine pesos. The ongoing Ukraine-Russia war plays a big factor here for increasing fuel prices as the latter was the major exporter for both oil and gas.

Most of the European countries like Germany are relying heavily on Russia’s oil and fuel exports. So cutting them off would be very challenging for them as other countries are intensifying sanctions on Russia due to Putin’s draconian moves in invading Ukraine.

P.S. Good thing that I didn’t sold my electric scooter after I only used it for like 3-4 times, just in case transport strike or any public transportation restriction happens.

[Ultegra134]

A little update, today I had a day off, we're pretty much changing prices on a daily basis, increasing in increments of 3-5 cents at a time, it's depressing.
These photos got sent to me by a colleague, prices are updated at almost the same time, every day, somewhere between 2-4 o'clock. Both photos display the new updated prices, one is for fuels while the second one is for heating gas oil.

They are expected to rise even further in the upcoming days, it's making life slowly miserable.

[Ultegra134]

Oil prices have lost value the past 2 days (WTI Crude and Brent oil), dropping from $130 to approximately $110-112. Certainly not reassuring, but I guess it's better than nothing. Unleaded 95 petrol now costs €2.158/liter and diesel €1.998/liter in my area, a slight increase from my previous post. Rumors mention that the UAE might increase production, in an effort to replace Russia's imports, however, my knowledge on the subject is limited.

[LUCKMCFLY]

Each country has a greater restriction given the use of gasoline, especially those that have always imported gasoline, it is something normal, at the moment that Russia is blocking it, they have already made the decision not to buy Russian oil at least in the USA, and that It also affects gasoline, because gasoline is obtained from oil, and as the constant flow of oil in the world decreases, they have to depend on the Arab countries and some with high oil potential such as Venezuela, it currently surprises me how Biden is negotiating with Venezuela to guarantee the oil and therefore not suffer for it and intrinsically in Venezuela as gasoline is paid for with international tariffs, this means that the oil and gasoline business model in the world will become increasingly difficult, it will even become more expensive.

[Sithara007]

Each country has a greater restriction given the use of gasoline, especially those that have always imported gasoline, it is something normal, at the moment that Russia is blocking it, they have already made the decision not to buy Russian oil at least in the USA, and that It also affects gasoline, because gasoline is obtained from oil, and as the constant flow of oil in the world decreases, they have to depend on the Arab countries and some with high oil potential such as Venezuela, it currently surprises me how Biden is negotiating with Venezuela to guarantee the oil and therefore not suffer for it and intrinsically in Venezuela as gasoline is paid for with international tariffs, this means that the oil and gasoline business model in the world will become increasingly difficult, it will even become more expensive.

I wonder why the Americans are still tolerating this loser called Biden. When Trump was in power, the crude oil prices were hovering at around $40 per barrel. Since then the prices have risen by more than 200%. And the Russian invasion had only a small impact on this. The crude prices were already close to $100 per barrel, when Russia started its invasion. The real reason for the price rise is stupid policies from Biden, such as the termination of Keystone XL pipeline and prohibition of fracking in federal lands.

[Ultegra134]

Each country has a greater restriction given the use of gasoline, especially those that have always imported gasoline, it is something normal, at the moment that Russia is blocking it, they have already made the decision not to buy Russian oil at least in the USA, and that It also affects gasoline, because gasoline is obtained from oil, and as the constant flow of oil in the world decreases, they have to depend on the Arab countries and some with high oil potential such as Venezuela, it currently surprises me how Biden is negotiating with Venezuela to guarantee the oil and therefore not suffer for it and intrinsically in Venezuela as gasoline is paid for with international tariffs, this means that the oil and gasoline business model in the world will become increasingly difficult, it will even become more expensive.

I wonder why the Americans are still tolerating this loser called Biden. When Trump was in power, the crude oil prices were hovering at around $40 per barrel. Since then the prices have risen by more than 200%. And the Russian invasion had only a small impact on this. The crude prices were already close to $100 per barrel, when Russia started its invasion. The real reason for the price rise is stupid policies from Biden, such as the termination of Keystone XL pipeline and prohibition of fracking in federal lands.

That's correct, crude oil prices were already high enough before the invasion, the invasion didn't play that huge of a role in the current situation. It is true that we're now facing major records in electricity and fueling costs, however, it was a pre-existing situation, while the imposed sanctions in this case aren't helping at all.

I've seen that in USA they're selling stickers of Biden "I did this", and sticking them to gas pumps.

[dbc23]

After the pandemic many switched to remote jobs making the demand for fuel skyrocketing. And since the supply is less than the demand there is no other options than a price upsurge. And many petrochemical companies has choosed to reduce their production rate in fear of another dreadful pandemic that could short down production process again.

This is not just an issue in Europe it seems to be a global challenge seeing that so many countries also have limited supply of fuel even when the need for it is on the high demand and this has even led to low quality production in some under developed countries

[tbterryboy]

I wonder why the Americans are still tolerating this loser called Biden. When Trump was in power, the crude oil prices were hovering at around $40 per barrel. Since then the prices have risen by more than 200%. And the Russian invasion had only a small impact on this. The crude prices were already close to $100 per barrel, when Russia started its invasion. The real reason for the price rise is stupid policies from Biden, such as the termination of Keystone XL pipeline and prohibition of fracking in federal lands.

Mainly because they are not as brainwashed as you are. Because, it was around 50+ when Trump was in power almost all the time except a few times. Secondly, Biden is not the reason why the oil prices are high in the USA, you do realize that it is high ALL OVER THE WORLD right? I mean when you do not take oil from Russia and put sanctions against them, you are going to have a higher price on oil, and this is done by the whole world and not just Biden.

Secondly, even during a time like that, and even while west is still suffering a lot, Biden figured out a cheaper way by dealing with Venezuela and got them out, and the price dropped $30 overnight with one signature from him. Keystone XL would have covered literally 1.5% of all the needs, and you are brainwashed because you think that would drop the price significantly somehow, that would be like maybe 1.5 dollars drop on price even on a great day.

So, you can keep on making yourself believe that Trump was good. But Biden has been amazing for rest of us.

[xSkylarx]

Each country has a greater restriction given the use of gasoline, especially those that have always imported gasoline, it is something normal, at the moment that Russia is blocking it, they have already made the decision not to buy Russian oil at least in the USA, and that It also affects gasoline, because gasoline is obtained from oil, and as the constant flow of oil in the world decreases, they have to depend on the Arab countries and some with high oil potential such as Venezuela, it currently surprises me how Biden is negotiating with Venezuela to guarantee the oil and therefore not suffer for it and intrinsically in Venezuela as gasoline is paid for with international tariffs, this means that the oil and gasoline business model in the world will become increasingly difficult, it will even become more expensive.

I wonder why the Americans are still tolerating this loser called Biden. When Trump was in power, the crude oil prices were hovering at around $40 per barrel. Since then the prices have risen by more than 200%. And the Russian invasion had only a small impact on this. The crude prices were already close to $100 per barrel, when Russia started its invasion. The real reason for the price rise is stupid policies from Biden, such as the termination of Keystone XL pipeline and prohibition of fracking in federal lands.

This is because of the economic sanctions that were given to Russia, but as a result, we are also suffering from the closing of those pipes. I think the war between Russia and Ukraine is the reason why the prices are higher now. If President Trump were still in office, I think Putin wouldn't be starting a war with Ukraine because he  will also start a war with Russia. That is why Putin is really eager about this because he knows that it is only an economic sanction that biden will do

[Sithara007]

Mainly because they are not as brainwashed as you are. Because, it was around 50+ when Trump was in power almost all the time except a few times. Secondly, Biden is not the reason why the oil prices are high in the USA, you do realize that it is high ALL OVER THE WORLD right? I mean when you do not take oil from Russia and put sanctions against them, you are going to have a higher price on oil, and this is done by the whole world and not just Biden.

Secondly, even during a time like that, and even while west is still suffering a lot, Biden figured out a cheaper way by dealing with Venezuela and got them out, and the price dropped $30 overnight with one signature from him. Keystone XL would have covered literally 1.5% of all the needs, and you are brainwashed because you think that would drop the price significantly somehow, that would be like maybe 1.5 dollars drop on price even on a great day.

So, you can keep on making yourself believe that Trump was good. But Biden has been amazing for rest of us.

LOL.. let others decide who is brainwashed here. The issue is not about 1.5% or 15%. Even a 1.5% shortfall in supply (combined with further reductions from other issues) can double or triple the price of crude oil. The United States remain as the top oil producer in the world and it exports millions of barrels of crude every day to other countries (including India and China). You are retarded, if you believe that the impact from Biden's policies will be limited to the United States. And let me know the cheaper way in dealing with Venezuela. Do you even know how much oil Venezuela produces, in comparison with Russia?

[bakasabo]

In my country fuel price growth has stopped. They have increased for 25% in a short period of time. The prices has dropped few cents and gained sort of a stability. In my country excise tax influence greatly on fuel price, but I havent seen any changes or news in connection with tax concessions. I know that in some countries, government cover part of fuel price through excise tax reduction. What about prices in your countries?

[Ultegra134]

According to Oilprices.com, WTI Crude and Brent Crude oil are trading below $100 ($95 and $100 respectively), slowly retracting to pre-invasion levels, during which surpassed $130/barrel. It's definitely good news, could possibly result in a slight relief in the market, however, the $200/barrel scenario hasn't been debunked yet, with the condition still being heated in Ukraine. The slight retraction in prices is a result of China's new lockdown, due to an increasing number of cases, and due to talks with Canada and UAE to boost their supply, at least that's what I know so far.

Despite the rapid loss in value, in my area atleast, we've only seen an increase of 3 cents per liter on petrol and diesel, while heating gas oil was met with the largest fall of all, dropping from €1.668 to €1.539.