Category: fuel cost

Fuel Flash – August 2022

Oil and fuel prices continued their decline from June into July. Oil dropped below $100/barrel for the first time since May, which was brief when that occurred. This month, oil prices have spent more time below $100 than above, which has resulted in fuel prices cooling from their record highs at the pump. The following graph shows the daily price movements over the past three months: Oil prices attempted to rally above $100/barrel on a few occasions in July, but

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Fuel Flash – July 2022

Oil prices extended their climb from the end of May into June until they hit a ceiling (for now) at $122/barrel. Diesel and gas prices continue to hit record highs for both products at the pump. Investment banks such as Goldman Sachs have floated the idea of oil reaching $150/barrel before the end of 2022. The following graph shows the daily price movements over the past three months: With the European Union agreeing to a deal to sanction Russian Oil,

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Fuel Flash – June 2022

Since the beginning of April and a brief dip here or there for a day, oil prices have remained above $100/barrel. We have not seen a peak as high as we did in early March, yet in May, diesel and gas prices continued to hit all-time highs. The following graph shows the daily price movements over the past three months: A major reason for elevated fuel prices is the supply issue pummeling the East Coast which Sokolis Group communicated in

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Fuel Flash – May 2022

Compared to March, things were much calmer in April. Crude oil started around $100 and finished just under $105/barrel. About a month after oil hit it’s high of roughly $124/barrel, oil has dipped below $100 on three separate occasions. However, consumers have yet to feel relief at the pump as gas and diesel remain well over $4 and $5/gallon respectively. The following graph shows the daily price movements over the past three months: Big oil executives from the likes of

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Fuel Flash – April 2022

Crude oil started March above $100, and it would be a wild ride from there on. Diesel and gas had days of 50+ cents per gallon increases at the pump, putting everyone on notice that war in Ukraine might have fuel prices spiking much higher. Gas prices were well over $4/gallon nationwide, while diesel was over $5/gallon. The following graph shows the daily price movements over the past three months: After diesel prices skyrocketed 70 cents in just one week,

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Fuel Flash – March 2022

Crude oil started February in the high $80s, before breaking through the $90 mark a few days into the month. OPEC continues to meet each month and even though oil prices soar, they continue to make no adjustments to their 400k barrels per day increase plan. Demand remains strong and oil inventory levels continue to drop making supply extremely tight. All eyes are on the Russian invasion of Ukraine which is now the primary driver of rapidly escalating prices. The

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Fuel Flash – February 2022

Oil prices started the year at $76/barrel, the highest mark since Thanksgiving, and they would not stop there. OPEC+ had met early in January and agreed to another output increase in February, but it was not enough to offset other factors driving prices higher. Global demand has remained strong compared to supply as the Omicron variant proves to be less destructive than former variants. In addition, unrest in Kazakhstan and Libya caused production problems which also kept prices increasing. The

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Fuel Flash – January 2022

As we get more information about Omicron, oil prices bounce up and down. Oil prices started December creeping back into the $70s as reports came out claiming the newest strain of COVID is milder than originally thought. Not much has changed over the past month with demand and supply otherwise. The following graph shows the daily price movements over the past three months: As we approached mid-December oil prices continued to go up and down like a yo-yo. Prices ranging

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Fuel Flash – December 2021

November oil prices started the month at $84/barrel. Certain analysts such as Bank of America were once again predicting prices well over $100 by mid-2022. Inventory levels were tight, and demand was still strong. OPEC+ has maintained their plan to increase production and winter is just around the corner. All signs pointed to higher fuel prices until a new variant of COVID popped up in South Africa. The following graph shows the daily price movements over the past three months:

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Fuel Flash – November 2021

Oil markets started October at roughly $75/barrel and prices would not stop there.  OPEC+ had met and the oil giants concluded they would keep the same level of output despite increasing demand.  Oil prices continued to inch higher and higher until finally passing the $80 mark. This was the highest seen in seven years.  The following graph shows the daily price movements over the past three months: Towards the middle of October, oil continued rising past $81/barrel, another new seven

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