{"id":528095,"date":"2022-12-16T14:42:59","date_gmt":"2022-12-16T11:42:59","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/drivers-are-stuck-in-limbo-as-worlds-oil-supply-reshuffles\/"},"modified":"2022-12-16T14:42:59","modified_gmt":"2022-12-16T11:42:59","slug":"drivers-are-stuck-in-limbo-as-worlds-oil-supply-reshuffles","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/drivers-are-stuck-in-limbo-as-worlds-oil-supply-reshuffles\/","title":{"rendered":"#Drivers are stuck in limbo as world&#8217;s oil supply reshuffles"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3b096280309\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3b096280309\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/drivers-are-stuck-in-limbo-as-worlds-oil-supply-reshuffles\/#%E2%80%9CDrivers_are_stuck_in_limbo_as_worlds_oil_supply_reshuffles%E2%80%9D\" >&#8220;Drivers are stuck in limbo as world&#8217;s oil supply reshuffles&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CDrivers_are_stuck_in_limbo_as_worlds_oil_supply_reshuffles%E2%80%9D\"><\/span>&#8220;Drivers are stuck in limbo as world&#8217;s oil supply reshuffles&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>At a gas station outside New York City, retired probation officer Karen Stowe was faced with a\u00a0pump price she didn\u2019t want to pay. She bought groceries from the convenience store instead, planning to buy cheaper gas elsewhere.<\/p>\n<p>\u201cThe price is so high, people have to think very hard about where they\u2019re driving to,\u201d said Stowe, who had just been volunteering at a food pantry. \u201cPeople are in trouble, and that\u2019s the truth.\u201d<\/p>\n<p>Though drivers in the U.S., Europe and elsewhere are getting a break from the\u00a0sky-high gasoline prices\u00a0they endured over the summer, the cost is still difficult for many who have been struggling with relentless inflation. The U.S. average was $3.19 per gallon,\u00a0down from a record $5 in June, while European Union pump prices have dropped the equivalent of 55 cents, to $6.41 per gallon, since October.<\/p>\n<p>Drivers now hope the situation doesn\u2019t get worse after a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of cutbacks tied to\u00a0Russia\u2019s war in Ukraine, accidents and the\u00a0slowing global economy\u00a0have strained the world\u2019s oil supply. While oil and gasoline prices have dropped despite a recent supply crunch, those threats could end up pushing costs higher this winter.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/Oil-5.jpg?w=1024\" alt=\"More than 97% of Russia\u2019s seaborne crude exports went to China and India last month,\" class=\"wp-image-25034878\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/Oil-5.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/Oil-5.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/Oil-5.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>More than 97% of Russia\u2019s seaborne crude exports went to China and India last month.<\/figcaption><figcaption><span class=\"credit\">AP<\/span><\/figcaption><\/figure>\n<p>What\u2019s the world facing?<\/p>\n<p>\u2014 An\u00a0EU ban on imports of most Russian oil\u00a0took effect last week.<\/p>\n<p>\u2014 At the same time, the Group of Seven leading democracies and 27-nation EU\u00a0c<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed the price of Russian crude\u00a0for other countries at $60 per barrel.<\/p>\n<p>\u2014 There was a\u00a0major leak along the Keystone pipeline\u00a0in the U.S., which halted oil shipments along a major corridor.<\/p>\n<p>\u2014 Dozens of oil tankers were stuck in Turkey for days.<\/p>\n<p>\u2014 The OPEC+ coalition of oil producers has\u00a0cut back production.<\/p>\n<p>\u201cThe global system can withstand probably a few more days of these outages, but if they persist, they\u2019re going to play a major role in price hikes,\u201d said Claudio Galimberti, senior vice president of analysis at Rystad Energy.<\/p>\n<p>A key reason restrictions on oil supply have not sent prices higher: Traders think there will be less demand for oil in the future, due to\u00a0fears that the global economy is headed into recession, which would mean less driving and manufacturing. And some investors worry\u00a0China\u2019s looser COVID-19 restrictions\u00a0could backfire for the nation\u2019s economy.<\/p>\n<p>\u201cIt can quickly turn into a major COVID wave which engulfs the hospitals and then is going to have a worse effect on demand than COVID policy,\u201d Galimberti said.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/Oil-4.jpg?w=1024\" alt=\"Gas pumps.&#10;\" class=\"wp-image-25034877\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/Oil-4.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/Oil-4.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/Oil-4.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>International standard Brent crude oil was selling for about $80 a barrel Friday.<\/figcaption><figcaption><span class=\"credit\">AP<\/span><\/figcaption><\/figure>\n<p>The restrictions on Russian exports\u00a0are likely to have a bigger impact on oil prices next month. Although Western nations have banned Russian oil,\u00a0customers in India and China are buying it, so there\u2019s enough oil on the market for those who need it. More than 97% of Russia\u2019s seaborne crude exports went to China and India last month, according to Refinitiv, a financial market data provider.<\/p>\n<p>\u201cWe do not ask our companies to buy Russian oil. We ask them to buy oil,\u201d Indian External Affairs Minister Subrahmanyam Jaishankar said in Parliament last week. \u201cBut it is a sensible policy to\u00a0go where we get the best deal\u00a0in the interest of Indian people, and that\u2019s exactly what we are trying to do.\u201d<\/p>\n<p>In February, global oil supply could get more limited, because European nations won\u2019t be able to buy Russian refined products such as gasoline and diesel, so\u00a0Russia could cut back on producing oil.<\/p>\n<p>\u201cSo far, there hasn\u2019t been a major decline in Russian production. But once Russia cannot export products to Europe, they will need to decrease production, and that will result in a supply shortage, which will be reflected in the prices most likely,\u201d Galimberti said.<\/p>\n<p>Russia also could decide not to produce oil due to the G-7 price cap. Its oil is selling for less than that now. But if the price goes up and approaches the cap, Russia could decide to take oil off the market, analysts said.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/Oil-3.jpg?w=1024\" alt=\"Gas station\" class=\"wp-image-25034876\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/Oil-3.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/Oil-3.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/Oil-3.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>According to projections by the U.S. Energy Information Administration oil could be $92 per barrel on average next year.<\/figcaption><figcaption><span class=\"credit\">AP<\/span><\/figcaption><\/figure>\n<p>\u201cThere\u2019s another shoe to drop on that front,\u201d said Kevin Book, managing director at Clearview Energy Partners.<\/p>\n<p>The price cap will lock in a discount on Russian oil, especially in light of the $100 per barrel Russia earned just a few months ago, White House press secretary Karine Jean-Pierre said.<\/p>\n<p>\u201cWe are focused on limiting Putin\u2019s ability to profit from rising prices to fund his illegal war, while promoting stable global energy markets,\u201d Jean-Pierre said. \u201cThis is not about Russian oil off the market. This is about the cap \u2014 the cap at this level maintains clear incentives for Russia to continue exporting, and we believe that it should.\u201d<\/p>\n<p>International standard Brent crude oil was selling for about $80 a barrel Friday. That\u2019s likely to grow to $92 per barrel on average next year, according to projections by the U.S. Energy Information Administration. That is still below $125 seen this summer.<\/p>\n<p>When it comes to prices at the pump, they\u2019re lower than they were last year, but Americans have paid $2 to $3 per gallon for most of the last decade, according to AAA data.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/Oil-6.jpg?w=1024\" alt=\"if the price goes up and approaches the cap, Russia could decide to take oil off the market, analysts said.\" class=\"wp-image-25034879\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/Oil-6.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/Oil-6.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/Oil-6.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>If the price goes up and approaches the cap, Russia could decide to take oil off the market, analysts said.<\/figcaption><figcaption><span class=\"credit\">AP<\/span><\/figcaption><\/figure>\n<p>In the EU, where taxes account for a larger share of the cost of gasoline, prices fell to 1.65 euros per liter ($6.41 per gallon) as of Dec. 12 from 1.80 euros per liter ($6.96 per gallon) at the end of October, according to figures from the bloc\u2019s executive Commission.<\/p>\n<p>The recent price drop coupled with freezing weather has kept Aria Razdar, 28, behind the wheel of his BMW hatchback in Frankfurt, Germany. During the summer price spike, he would ride a Vespa scooter to work and school, but gasoline prices fell and so did the temperature.<\/p>\n<p>\u201cRight now, prices are a little more reasonable \u2014 actually they\u2019re still high, but in comparison,\u201d Razdar, a child care worker studying to be a teacher, said as he finished pumping fuel in an icy wind.<\/p>\n<p>He spent a bit under 30 euros ($32) to fill up for the week, a cost he said he could manage for the convenience of driving 12 minutes to work instead of spending 45 minutes on public transit.<\/p>\n<p>Others also wished prices were lower.<\/p>\n<p>Gary Schwuchow, a retired maintenance supervisor, said he\u2019s taking fewer road <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a>s and saving money because he lives off his pension and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Social<\/a> Security payments.<\/p>\n<p>\u201cI used to be able to fill the tank up for $40 or $42, and now it\u2019s almost $60,\u201d he lamented as he gassed up his Nissan Sentra at a station in Yonkers, New York, where a gallon of regular gas was selling for $3.79. \u201cI don\u2019t fill it anymore. I put in $25 at a time.\u201d\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/12\/16\/drivers-are-stuck-in-limbo-as-worlds-oil-supply-reshuffles\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Drivers are stuck in limbo as world&#8217;s oil supply reshuffles&#8221; At a gas station outside New York City, retired probation officer Karen Stowe was faced with a\u00a0pump price she didn\u2019t want to pay. She bought groceries from the convenience store instead, planning to buy cheaper gas elsewhere. \u201cThe price is so high, people have to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":528096,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/newspress-collage-25034872-1671188122942.jpg?quality=75&strip=all&1671170168&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[137314,28340,4953,72970,74489],"class_list":["post-528095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-12-16-22","tag-europe","tag-new-york-city","tag-oil","tag-oil-prices"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/528095","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=528095"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/528095\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/528096"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=528095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=528095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=528095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}