The price of fuel has been going down. (July 2022) This is probably the explanation why. As I predicted, China and India have decided to buy Russian oil. This frees up oil coming from other places on the world market. After Russian oil was cut off from Western countries due to sanctions, it took a little bit of time for the established supply chains to adjust. In fact, India and China are have been buying so much Russian oil that it looks like India has outbid China and Chinese refineries won't be getting any. Asia's biggest oil refiner has cut its purchases of Russian crude as it's unwilling to pay the higher prices that customers in India and elsewhere are offering China's biggest oil refiner has cut its purchases of Russian crude, according to Reuters. India among other buyers outbid China as countries compete for cheap Russian energy. "Sinopec may only lift a very small amount as their bids were too low for the Russians," sources told Reuters. Asia's biggest oil refiner has cut its purchases of Russian crude as it's unwilling to pay the higher prices that customers in India and elsewhere are offering | Business Insider India, Zahra Tayeb related older thread: For those who think the Ukraine conflict has anything to do with the high gas prices
According to NPR, gas consumption is down about 9 percent in the U.S. compared to a year ago. This came as supply increased more than 6 percent Concerns about a global economic slowdown have also driven oil prices lower in recent weeks
Hmm Oil prices could soon return to $100 as OPEC+ considers ‘historic’ cut, analysts say https://www.cnbc.com/2022/10/03/opec-oil-prices-could-soon-return-to-100-a-barrel-analysts-say.html A substantial production cut likely to come out of OPEC’s Vienna meeting https://www.cnbc.com/video/2022/10/...kely-to-come-out-of-opecs-vienna-meeting.html Hugely important for Saudi Arabia to lower oil production, SEB analyst says https://www.cnbc.com/video/2022/10/...i-arabia-to-lower-oil-production-analyst.html ...But, contrary to what some online interpret as “energy independence,” when it comes to commodities that are traded in global markets, like crude oil and transportation fuels, the U.S. is not immune to worldwide effects even as a net exporter. For instance, while oil production in the U.S. is on the upswing , the country’s pump prices have raised to record highs ( here ). For Andrew Campbell, Executive Director of the Energy Institute at Berkeley Haas ( here ) “energy independence” is a “political slogan, not an economic or technical concept with a clear definition” often used by politicians to “imply that a country is insulated from global energy markets”. https://www.reuters.com/article/fac...termine-u-s-energy-independence-idUSL2N2VQ2ZV
