Those who refueled these days with gasoline or diesel fuel felt a price increase in their pockets. Gasoline and diesel fuel significantly exceeded the threshold of 7 lei/liter, the price increase compared to a month ago was 50 bans for gasoline and 70 bans for diesel.

Prices are rising all over the world, in France a liter of gasoline exceeds the threshold of 2 euros, which causes strong dissatisfaction among drivers. In the U.S., prices have risen more than 30 cents in the past month to $3.88 a gallon.

High oil prices are the main reason for the price increase at the gas station. But why is the price of oil rising?

According to the International Energy Agency’s (IEA) latest report, “global oil demand has hit a record high, boosted by the resumption of air travel this summer, increased use of oil in power generation and increased petrochemical activity in China.”

Oil supply cuts by OPEC+ are also keeping oil prices high. Saudi Arabia’s oil production cuts took effect last month and will remain in place until at least September. The reduction comes after OPEC+ announced a supply cut in April.

On Friday morning, Brent oil cost $84.3 per barrel. Also take into account the extreme weather that has affected many US refineries (and hurricane season can last into September).

American specialists say that only at the end of autumn and winter could see the return of prices at gas stations. With the caveat that they depend on supply problems or other OPEC cuts, says Sean Snaith, director of the University of Florida’s Institute for Economic Forecasting.

Goldman Sachs has updated its pump price forecast, predicting lower prices from October to December.

In short, gasoline prices have been rising recently due to a combination of factors:

• International oil prices

• Inflation

• Heatwaves: The ongoing heatwaves in some regions have had a significant impact on gas prices. Extreme heat could disrupt oil production and transportation, leading to supply shortages and rising prices

• Increased demand: With the arrival of summer, the number of trips increases, which naturally leads to an increase in demand for fuel. This increased demand can lead to higher prices

• Refinery issues: Some of their refineries or pipelines may experience shutdowns, blending issues, or even outages. These local outages can cause gas prices to rise 1

The price of gasoline is determined long before it reaches the gas station where you fill up. It rarely reflects market conditions on the day you put gas in the tank, rather it reflects costs from weeks or even months ago. This lag causes prices to rise more slowly or fall more slowly than media headlines might suggest.

Fuel prices also tend to correlate with consumer sentiment about the state of the economy; According to research by the Mercatus Center at George Mason University in Virginia, when prices rise, confidence in the country’s economic conditions falls.