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Sunday, June 26, 2022

It’s not just the United States: all over the world, the pain is felt in the pump

At a gas station near Cologne Airport, Germany, Bernd Miller watches the figures as they climb the station quickly: 22 euros ($ 23), 23 euros, 24 euros. The numbers that show how much gasoline they get are also growing. But much slower. Painfully slow.

“I’m getting rid of the car this October, November,” said Miller, 80. “I’m retired, and there’s gas and all that.” At some point, you have to shrink. ”

Around the world, drivers like Miller are rethinking their habits and personal finances amid soaring gasoline and diesel prices, fueled by the Russian war in Ukraine and the global recovery from the COVID-19 pandemic. Energy prices are a key driver of rising global inflation and making living costs more expensive.

A motorcycle taxi driver in Vietnam turns off his call-up application instead of burning precious fuel during backup rush hour. The French family is reducing its ambitions for the August holidays. A graphic designer in California includes the price of gas in the bill for a night out. A mother in Rome, calculating the price of driving her son to the camp, mentally crosses out a night of pizza.

Decisions across the world economy are as different as consumers and the country itself: walk more. Wipe the dust off that bike. Take the subway, train or bus. Use a light touch on the accelerator pedal to save fuel. Review that trip – is it worth it? Or maybe even without a car.

For countless millions who do not have access to adequate public transportation or otherwise cannot give up their car, the solution is to grit their teeth and pay while cutting costs elsewhere.

Nguyen Trong Tuyen, a motorcycle taxi driver who works for the Grab Online calling service in Hanoi, Vietnam, said that he simply turned off the app during rush hour.

“If I get stuck in a traffic jam, the driving fee will not cover the cost of travel gasoline,” he said.

Many drivers suspend their services, such as Tuien, which makes it difficult for customers to book a ride.

In Manila, Ronald Sibeiee spent 900 pesos ($ 16.83) of diesel a day to drive his jeep, a vividly decorated vehicle popular for public transportation in the Philippines that originated from U.S. military jeeps left behind after World War II. Now, that’s 2,200 pesos ($ 41.40).

“It should have been our income.” Now there is nothing or what’s left, “he said. His income fell about 40% due to rising fuel prices.

Gasoline and diesel prices are a complex equation of the price of crude oil, taxes, purchasing power and wealth of individual countries, government subsidies where they exist, and reductions taken by intermediaries such as refineries. The price of oil is in dollars, so if the country is an importer of energy, the exchange rate plays a role – the recently weaker euro has helped increase gasoline prices in Europe.

And there are often geopolitical factors, such as the war in Ukraine. Buyers avoiding Russian barrels and Western plans to ban oil in the country have shaken energy markets, which are already facing difficult supplies due to the rapid recovery of the pandemic.

There is a global price for oil – about $ 110 per barrel – but there is no global price for the pump due to taxes and other factors. In Hong Kong and Norway, you can pay more than $ 10 per gallon. In Germany, it can be around $ 7.50 per gallon, and in France around $ 8. While lower fuel taxes mean the U.S. average for a gallon of gas is slightly cheaper at $ 5, it is still the first time the price has been so high.

People in poorer countries are quick to feel the stress of higher energy prices, but Europeans and Americans are also under pressure. Americans have less access to public transportation, and even European transit networks do not reach everyone, especially those in the countryside.

Charles Dipon, the manager of a clothing store in the Essonne region south of Paris, simply has to use his car to travel to work.

“I practice eco-driving, which means I drive slower and avoid sudden braking,” he said.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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