Isabelle Bruno, a teacher in the Paris suburbs, now takes the bus to the train station instead of making the 10-minute drive.
But OPEC+, which includes Russia, has been failing to meet its production targets.įor many, spending on things like nights out and, in Europe, the near-religious devotion to extended late summer vacations, are on the cutting table. Europe will have to get its supply from somewhere else, such as Middle Eastern exporters. Meanwhile, India and China are buying more Russian oil. Analysts say some Russian oil is almost certain to be lost to markets because the European Union, Russia's biggest and closest customer, has vowed to end most purchases from Moscow within six months. Is there any relief in sight? A lot depends on how the war in Ukraine affects global oil markets. “People are filling up just as much as before - they’re grumbling but they’re accepting it,” group spokesman Herbert Rabl said. In fact, people are pumping just as much gas as they did before the pandemic, according to Germany’s gas station association. But the program only lasts for three months and is of little use to people in the countryside if there’s no train station nearby.
Germany also has introduced a discounted 9-euro monthly ticket for public transportation, which led to crowded stations and trains on a recent holiday weekend. In Germany, the government cut taxes by 35 euro cents a liter on gasoline and 17 cents on diesel, but prices soon began to rise again.
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Several countries have fuel price caps, including Hungary, where the discount doesn't apply to foreign license plates. and other countries also have released oil from their strategic reserves, which helps but isn’t decisive. President Joe Biden has pushed for Saudi Arabia to pump more oil to help bring down gas prices, deciding to travel to the kingdom next month after the Saudi-led OPEC+ alliance decided to boost production. “But if I have a kid and I have to take him to camp? I have to do it by cutting out an extra pizza,” she said. Letizia Cecinelli, filling her car at a Rome gas station, said she was biking and trying to reduce car trips “where possible.” Others are doing what they can to cut back. “I practice eco-driving, meaning driving slower and avoiding sudden braking,” he said. Americans have less access to public transport, and even Europe's transit networks don't reach everyone, particularly those in the countryside.Ĭharles Dupont, manager of a clothing store in Essonne region south of Paris, simply has to use his car to commute to work.
People in poorer countries quickly feel the stress from higher energy prices, but Europeans and Americans also are being squeezed. average for a gallon of gas is somewhat cheaper at $5, it's still the first time the price has been that high. In Germany, it can be around $7.50 per gallon, and in France, about $8. In Hong Kong and Norway, you can pay more than $10 per gallon. There's a global oil price - around $110 a barrel - but no global pump price due to taxes and other factors. Buyers shunning Russian barrels and Western plans to ban the country's oil have jolted energy markets already facing tight supplies from the rapid pandemic rebound. Oil is priced in dollars, so if a country is an energy importer, the exchange rate plays a role - the recently weaker euro has helped push up gasoline prices in Europe.Īnd there’s often geopolitical factors, such as the war in Ukraine. Gasoline and diesel prices are a complex equation of the cost of crude oil, taxes, the purchasing power and wealth of individual countries, government subsidies where they exist, and the cut taken by middlemen such as refineries. His income has fallen about 40% due to the fuel price hikes. Now there’s nothing, or whatever is left,” he said. “That should have been our income already. military jeeps left behind after World War II. In Manila, Ronald Sibeyee used to burn 900 pesos ($16.83) worth of diesel a day to run his jeepney, a colorfully decorated vehicle popular for public transportation in the Philippines that evolved from U.S.
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Many drivers have been halting their services like Tuyen, making it difficult for customers to book rides.
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