Why petrol and diesel prices have risen and will they come back down?

It's mid 2022 and petrol and diesel prices have gone up a lot. Why is petrol and diesel expensive at the moment? Does the cost of crude oil affect the price of petrol and diesel? Will prices come down soon? What is the long term outlook for the availability of petrol (gasoline) and diesel? My predictions in this video are purely a guess based on information that I have access to. No one knows what will actually happen.

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00:00 Four questions
00:27 Two reasons petrol prices are high
04:06 Do oil prices affect petrol prices?
09:32 Will petrol prices come down soon?
10:13 Long term prices
10:54 Long term availability of petrol
12:39 Outro

[NoContextRDH]

It’s priced high by design. No coincidence whatsoever, governments were printing money like no tomorrow during Covid which has lead to rising inflation.

[DavidBaillie]

This is a more honest breakdown of prices than what we are told on the news and in the papers

[OFFtheCHIZANE]

OPEC is ceding the market to renewables; they know that alternatives cannot scale up fast enough to replace oil in the short term, so they’ve decided that in the final years of oil reliance they can milk it for all it’s worth.

[michaellangley]

I've always wondered why too but always got told the obvious reasons so this was very informative and helpful, thank you Richard. I love your channel, even though I've been driving for 12 years, I still keep learning new things from you.

[gracesumner]

A bit off topic but I passed my driving test today & your videos were such a massive help! & now it's time to worry about petrol prices!!

[dino]

Excellent video - with some good cross checked facts! I am enjoying the videos you do which are aimed not just at learner drivers but all drivers in general - including those like me who finally passed this year after xxxx times of failing ;-) keep up the good work and thanks for putting this one together!

[niallwood]

Thanks for this video Richard, really informative and detailed as per usual! Personally, I think its clear to see that by increasing the price of petrol & diesel to unaffordable prices, they will force people into buying electric, a thought which is shared by many at the moment.

[JMB]

I think it will continue to be priced high, they have no reason to make it cheaper given that more and more people are being pushed into buying electric cars.

[ryanbell]

I just wanted to say, I passed my test 6 years ago but never got a car because I hated every second of it.
Start of this year I decided to grow up and get a car.
Your videos have truly been a great asset in my adventures back on the road.
Thanks for uploading.

[janenovikova]

Not really related to the video but I can finally proudly say I passed a practical test today with 2 minors! I follow a lot of driving channels and your videos are some of the most helpful, well-articulated, and detailed. The video about driver anxiety helped my nervousness which was my biggest issue.

For anxious people like me, I suggest treating a test like a normal lesson, do what you normally do, don't try to impress the examiner, focus on driving and observing, and don't rush. The test is not that hard when you are calm.

Thank you so much, Richard, and keep it up!

[YoureNowOnTV]

Nice work. You mentioned you're not an economist but explained this in a manner that proves otherwise. You nailed it mate! 😀👍

[chadastbury]

Richard, I appreciate all the work you've gone through in this video and to some extent I agree with you. However there is another much more obvious reason for the price hikes: greed. Oil & fuel companies didn't make as much profit through the Pandemic and they want to make up that ground (even though they still make massive amounts of money either way). They also have a habit of using any excuse they can find to increase prices, basing it upon "risk" that they decide. So although you are correct with your figures, there is also a deeper reason that gets hidden behind all of that. Unfortunately it's mostly down to greed.

[aston-martin-internationalist]

You do wonder, if (as has always been the case) that barrels of oil are paid in by USD and it's now less USD, why the Americans are now paying double the price at the pump than they were in 2008.

[insignia]

I’ve been watching your videos recently as I am learning to drive and they’re really helping, I think it’s really good that you cover bits learners struggle with the most and it is greatly appreciated, thankyou!

[albea]

Thank you for all the help! I have learned mainly from your channel as I did not have physical instructor and passed shortly after watching all your videos. Keep doing what you are doing, you are helping alot of people.

[johnroberts]

I think you need to offer a 'clarity in public broadcast' service to politicians. This video was a lucid and much appreciated sense making of the various levels of seeming madness around us.

[upmysticgalaxy]

Thanks for your lovely channel and useful videos. I earned my license this week with 2 minors. Will continue learning with you. Gratitude!!

[teggsy]

The Goverment could stop all this is it wanted to.

[evansamoateng]

I passed my driving last Tuesday, your videos really helped me out a lot! Thank you!!

[TravelingBibliophile]

This was very informative thank you, it provides more context around it.
In Vancouver today it is $2.36 CAD/ £1.50/litre and thus is almost double what it was in 2008 ($1.20 CAD/ 62P a litre). Those are just the regular grade, while my Volvo runs better on premium at $2.50 CAD/litre I just can’t afford it right now.