How rising oil prices push up living costs around the world | DW News

Record prices at the pump and in supermarkets, record profits by oil majors: Global oil markets are tighter than ever as economic demand returns around much of the world but the war in Ukraine tightens supply. Now, with an embargo of Russian oil on the horizon, prices stand to rise even higher. What can consumers do?

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[dannywalters]

The living costs are getting from bad to worse at an incredibly fast pace. Worse is, the governments pretends like they don't see it. I for one has been hit very hard and at this point, I am more interested in a solution because I don't think an end is near. What is the way forward for the less fortunate ones like me? How do we survive this phase? I am slowly losing my mind.

[marioreds]

it's not only the price of gas at the pump. oil is used to produce energy and most stuff travels on vehicles fueled by oil-derived products, so when the price of oil goes up, the price of everything goes up as well.

[Yamamaass]

No pay, no oil. Even children know that

[johnnydoe]

First Dude at the Gas Station is Right

The Saudi Family is Keeping the Crude
Production Artificially Low. It's Not just
Russian Oil but Prince Salman too. 🤨

[CUMBICA]

0:42 Wow 2.12 euros per liter? Here in Japan is "still" 160-170 yens (or about 1.2 euros.) But then I remember it used to be as low as 97 yens.

[richard_d_bird]

the rich might not be able to share their wealth, but the poor can always share their pain

[jonny_gage]

at this point people are just milking this for to get 🤑 rich!

[Wiersq]

When governments were aggressively sanctioning, they never ask for the neutrals opinion. But when the problem come, everyone have to pay for their decision.

[TenFalconsMusic]

. The price of petrol will fluctuate... Of course.

But the ever increasing prices for food & other goods will not go down if fuel prices decrease. Grocery stores & retailers depend on high fuel costs to inflate their prices. Once in place, they assume that the average consumer will be accustomed to the price & not question why they haven't been reduced.

[krisfrederick]

An addict complaining their drugs cost too much. Time to start kicking the habit.

[fhbLXXXIV]

The high prices will backfire on the long term for the producers. Not all the countries can aford these prices . The demand will fall and prices also. Just wait!

[pennyroyal]

Oil has been higher yet the price at the pump was lower. Oil companies are trying to make back the revenue they lost during the pandemic. The war in Ukraine and moving away from Russian oil are red herrings.

[isabelzhang]

IMF just lifted weighting of dollar, Chinese yuan in SDR basket. And Euro drop from 30.93% to 29.31%. Well done EU commission! Please apply more embargos and further weaken Euros!

[gncquhc]

Russia have to cut the Gas for Germany 🤣🤣🤣🤣🤣🤣🤣🤣🤣

[uzithedreadpoet]

Corporations worldwide really need to start being more sensitive to the buying power of middle/low income families. Unfortunately, governments worldwide, have failed their citizens in properly, fairly, regulating corporate excesses.

[capeorbobserver]

It was quite astonishing when the presenter asked why the OPEC cartel is not increasing oil production to reduce the price.

If you look in the dictionary, you'll see that a cartel is a group that limits supply to keep the price high. Increasing supply to lower the price is literally the opposite of what a cartel wants to do.

[camilla_k]

Don't drive a car, if you can get to your work within 30 minutes by foot or within 1 hour, using public transportation. At my work we have to drive about 4 hours a day, but we drive with the whole team on the 8 passengers car. It's nice. And governments have to use all urgent energy solutions. Don't cooperate with brutal uncivilized Russia anymore.

Food prices are not really high yet. Here, in the Netherlands the food prices are still OK, so the situation is much better than in Germany.

[oitzingerpeter]

They will need 5 years or more. No chance to avoid a massive depression.

[cfwin]

If they succeeded in stop buying the Russia oil that accounts for 10% in the world market, oil prices will keep going up. Don’t count on the OPEC countries to increase production because they make more money by keep producing the same amount. There is no incentive for them to pump more oil to lower the prices.

[Atikurrahmn]

For a moment I thought she is sitting on his lap 😆