Gas prices from around the world (what each country is paying per gallon relative to the US dollar)

….by German and Jewish physicists….

 

Our firm is currently Long energy. Wish us luck!

 

Stuff it Ant.....I was preparing him for that.........you stole my thunder!!!!!

 

So by your logic, if gas prices are ridiculously high elsewhere, we should mimic it? What it people were diving head-first off a cliff by the tens of millions across the world? Should we do that too?

 

There is no doubt international events impact gas prices but your list muddies the analysis because it would lead many to assume that the absolute difference in gas prices are caused by these international events. That is obviously not the case since there have always been major price differences in gas price between countries well before the current international events. For example, probably the number 1 reason for differences in gas prices in 1st world countries is due to taxes. The US has always had way lower taxes on gas than other countries like Canada and those in the EU. I think the US has charges about 50 cents tax per gallon whereas Canada charges about 20-30% extra in taxes. I think EU countries charge anywhere from $1.50 to over $3 a gallon for gas tax. That is why production alone is not the answer. Again consider Canada and the Keystone XL pipeline that was proposed to the US that Biden stopped. Canada is exporting crude oil to the US but charges their own citizens more for gas than the US. That seems counter to the increase production argument unless you consider the impact of higher taxes.

If you are truly trying to analyze the impact of current international events like the Ukraine wars you should show the percentage change in price for gas since the start of the war. That would capture the impact of the increase demand for fuel to counter the loss supply from Russia.

 

Ooops...!

 

Around a 50% increase here in Oz...

 

That's not true. Russia previously sold half of it's oil the the EU and US. You can't just replace that. Sure India and China are buying more, but not THAT much. They simply don't need THAT much. While Russia got the infrastructure laid down to pump a hell of a lot of oil to the EU, it doesn't have that capacity to China and India. So even if they wanted it, it would mean they couldn't get it delivered.
https://www.eia.gov/international/analysis/country/RUS

And yes, you do not need all kinds of nice EU goods just like you can wear the same t-shirt for a week. But that doesn't mean it has no impact. The entire economy of Russia is shrinking due to loss of oil revenu that the Russian government used to govern it's country. It has already caused the Russian government to end paying their debts and basically gone bankrupt. While the entire Russian economy is shrinking fast. Smaller economy, less taxes. Less taxes, less ways for Russia to pay for a war while also pay social security, teachers etc etc.

 

"In May 2021, the Russian export revenues were EUR 633 million/day (note: currently 1 EUR is close to the value of 1 dollar). Between May 2021 and May 2022, export volumes dropped by EUR 95 million/day. The discounted price of Russian oil, etc, led to a drop of EUR 101 million/day. So far, it seemed the sanctions were working.
But then the increasing price of fossil fuels on the global market overwhelmed both these effects and resulted in an increase of export revenue to Russia of EUR 447 million/day. Russia’s average export prices were an average 60% higher than last year. By May 2022, the export revenue had increased to EUR 883 million/day – an increase of 39% from pre-war May 2021.
The price of oil today is above $120/barrel. And Russia is pulling in almost EUR 1 billion/day, or $1 billion/day, in export revenues from fossil fuels. With that, you can pay for a huge war effort aimed at Ukraine."
Sanctions On Russian Oil And Gas Didn’t Work, And Now We Know Why. (forbes.com)

The simple fact of it is, in this interconnected global marketplace, our sanctions on Russian oil made the price of all oil go up, and now Russia is making more from its oil now than before it invaded Ukraine. Our sanctions are now effectively funding their invasion, while our taxes are funding its defense and we're getting fleeced on both ends.

And possibly the best (worst) part of it all is this: "President Putin had claimed that embargoes by the West on Russia’s oil and gas would backfire and lead to global price increases."

The folks running **** around here seriously have no idea what they're doing... either that or they're just ****ing evil.

 

Oil production has increased domestically, not decreased

I find it interesting that you would question my claim, when you could so easily look up the exchange rate of the US dollar. I'm not sure if this is due to you not knowing how to get this information, or if you simply lack the interest in knowing what the answer is, but I would assume it is the latter. This isn't theoretical, the US dollar has increased in value internationally. Here's a link of the US dollar exchange rate to the Euro, and you can compare to any other nation's currency of your choosing if you like, but my best guess is you're not interested in knowing

https://www.xe.com/currencyconverter/convert/?Amount=1&From=USD&To=EUR

Well first of all, you are the only person I have ever come across on these forums to bring up the keystone pipeline, while fully understanding that the plan was owned by a Canadian company, so props to you for that. As you know, the purpose of the pipeline was to import Canadian oil into the US, but the pipeline was never finished, so it was never in function. Whatever gas prices were in the past past, or in the present, the keystone pipeline was never a part of that equation.

In regards to what you are addressing regarding the gas prices of those other listed countries, it is absolutely true that almost all of the countries currently paying more for gas than the US were also paying more than the US previously. I don't want to give the impression that the majority of these countries were previously paying less for gas than the US.. however, those countries also weren't paying $8 to $11 a gallon like they are today. The point is the increase in gas prices isn't something that is exclusive to the US, it has been happening all around the world. Not only have gas prices increased significantly around the world, but most countries have actually seen bigger increases in gas prices than the US has

For example, the US has seen gas prices go up on average more than $2 a gallon since mid 2020..but the same is true for Canada, Australia, and New Zealand. In the UK, and Ireland, it's gone up more than $3 a gallon. In Norway, Denmark, Finland, Sweden, and Netherlands they have gone up more than $4 a gallon. All around the world gas prices have gone up significantly, for some of these countries their gases prices went up sooner than ours, but for pretty much everyone, gas prices have gone up.

As for the production factor, 2020 actually saw our biggest DECREASE in oil production in history, but gas prices still went down due to global demand taking a dive. Since then we have increased production significantly, but gas prices have gone up due to international factors on oil demand. Ultimately an oil companies main concern with oil production is to keep production at a level with demand that is most profitable. Even in countries where their oil is nationalized, they cut production as a means of maintaining revenue. It's actually demand that usually influences production levels, and not the other way around.

 

Gas prices would be lower had Biden not cut production.

https://www.google.com/amp/s/www.nytimes.com/2022/05/12/climate/biden-oil-gas-lease-sales.amp.html

 

I wonder how well businesses do when they tell their associates, don’t be better than anyone. Just do enough to make every happy. Don’t excel. Don’t reach higher. Dont beat the competition….think about their feelings and how it makes you feel.

I wonder how long they last? I wonder how successful McDonald’s would be if they cared about how BurgerKing feels?

 

Your source from januari notes that large western oil companies were still buying oil.
Shell and Exxon said it well stop buying oil in march (but maybe it will come into effect some time later).
I do even think Germany was still buying their natural gas as well.
So your source hasn't incorporated the effects of the oil boycot.
This stuff is all not about some nice granny who stops buying a loaf of bread because she's doing her business somewhere else.
These are utterly massive companies who are changing their way of doing business on a scale that blows the mind.
They can't just put a cork in it tomorrow.

In the end... the economy of Russia is contracting hard. It's estimated to be 10% at the end of this year.

 

Fake News. Oil production has decreased and remained stunted as Biden and the Dems blew the COVID exit.

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I find it interesting that you would post such false information on US oil production when you could so easily look up the production numbers. I'm not sure if this is due to you not knowing how to get this information, or if you simply lack the interest in knowing what the answer is, but since that's your assumption, I assume the same.

The dollar's up a little, a percent and a half since the end of the COVID recession. The price of gasoline, however, is up 138% over the same period.

​

 

What the hell are you talking about? The article is from June 14. In January Russia hadn't invaded yet and there wasn't anything to embargo for... You're not putting a whole lot of thought into this are you?

 

You're right. But it still means that in June the ban on oil did not or hardly happened by the oil companies.
I found an article about Germany from May, that they are still busy with plans about not buying Russian Gas.
https://www.reuters.com/business/en...an-abrupt-end-russian-gas-sources-2022-05-09/

The point remains that there are talks about boycotting oil and gas ... it doesn't mean it happened.
While other things did go in effect.

 

FFS JET.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCREXUS1&f=M

you may want to find a different scource. The US has exported Crude oil since the 20's

 

Democrats have no problem leveraging our national security on foreign oil. The answer is a clear YES!

 

Do you live in Communist China or some such place because your access to information appears to be filtered?

In 1975 President Gerald Ford signed into law the Energy Policy and Conservation Act, a ban on most U.S. oil exports.

Go the this link.
https://en.wikipedia.org/wiki/Energy_Policy_and_Conservation_Act

Then go down until you come to the following heading and read.
Crude oil export ban, 1977-2015

Then read this.
https://www.pillsburylaw.com/en/news-and-insights/us-repeals-longstanding-ban-on-export-of-crude-oil.html

 

You might want to rethink this....

 

yep, supply fell under Trump, now that demand is increasing biggly under Biden's growing economy, there is more demand than supply

 

Okay. I paid $4.06 a couple days ago here in the US of A and some places are now back into the upper $3's.

 

So first of all, your graph is from January of 2020 to March of 2021. If you are going to make a point about oil production during the Biden administration, you should probably include a graph that includes more than the first two and a half months of his presidency. Second, as noted previously and shown in the graph you just posted, the big decline occurred in 2020, we saw a bigger decline in oil production in 2020 than any year in US history. Since the beginning of 2021, oil production has not decreased, it has increased. Going by the most recent reports, the US is currently producing more than 12 million BPD, and is forecast to grow even higher in the coming months

https://ir.eia.gov/wpsr/wpsrsummary.pdf
https://ir.eia.gov/wpsr/overview.pdf

If you were paying attention, what I was saying is the cost of gas being so high around the world is NOT due to the US dollar decreasing in value internationally.

 

Sure the "Gas Prices Are Raping Your Wallet Because Joe's Saw Awesome!" messaging.

https://legalinsurrection.com › 2022 › 07 › bidens-latest-attempt-to-shift-blame-for-his-high-gas-prices-is-so-bad-even-jeff-bezos-called-it-misdirection-or-stupidity
Biden's Latest Attempt to Shift Blame for His High Gas Prices Is So Bad ...
'Joe "I am the Democratic Party" Biden is stuck on the blame game when it comes to the rampant inflation and ever-rising gas prices his policies have created.First, it was that there was no inflation, then it was "transitory," then it was Putin's fault, Trump's fault, maybe even Corn Pop's fault."

 

Yes, the numbers are the national average from June of this year. Some places in the country were paying more, and some were paying less. For July gas prices do seem to be going down, and are forecast to continue to go down, however a lot can happen to change that. We are currently in hurricane season, if a series of hurricanes were to hit the right places in the Atlantic, gas prices could very well go back up again

Overall, as high as US gas prices have been, the US actually has some of the cheapest gas prices in the world. Most of the countries that have cheaper gas than the US have nationalized their biggest oil companies.