Petrol prices are nearing all-time highs in many countries around the world as surging demand and supply shortages send global oil prices to a near three-year high.
In 2001, the global average price of petrol was about $0.60 a litre, and filling an average family sedan cost about $30. Today it is $1.20 – $30 will buy you half a tank.
High fuel prices are part of a global energy crunch that has led to big disruptions across China, the United States, the United Kingdom and Europe. Petrol and diesel prices have also spiked in several countries including India and South Africa.
As of September 2021, Hong Kong has the most expensive petrol in the world at $2.56 per litre ($11.63 per gallon) followed by the Netherlands – $2.18 ($9.91 per gallon) and the Central African Republic – $2.14 ($9.72 per gallon). High taxes largely contribute to the high cost at the pump.
The countries with the cheapest petrol include mostly oil-rich countries including Venezuela at $0.02 ($0.09 per gallon), Iran – $0.06 ($0.27 per gallon) and Syria – $0.23 ($1.04 per gallon) according to globalpetrolprices.com.
How crude oil becomes petrol
Petrol, diesel and various other fuels are made from crude oil – a yellowish-black fossil fuel that is pumped out of the ground. Many household products including plastics, detergents and clothing are also derived from the non-renewable resource.
Higher crude prices have a knock-on effect on several industries, from transport all the way through to manufacturing.
Crude oil is graded according to thickness (heavy, intermediate and light) and sulfur content (sweet – low sulfur, sour- high sulfur). Light, sweet crude oil is the highest grade. It is easier and cheaper to refine, making it the most sought after.
Brent and WTI are the global benchmarks for light, sweet crude oil. Brent is drilled out of the North Sea between the UK and Norway while WTI (West Texas Intermediate) is sourced from US oil fields.
Once the oil has been extracted and transported to various oil refineries, it must be heated in a furnace then distilled into various fuels and products. Lighter products including liquid petroleum gases require lower temperatures to extract while the heaviest products including asphalt are extracted at much higher temperatures.
How the price of petrol has changed (2001-2021)
The price of petrol at the pump depends on various factors, including the price of crude oil, transport costs, state taxes and distribution costs.
In 2001, Brent crude was trading for about $25 a barrel. One barrel is equivalent to 42 gallons or approximately 159 litres.
At its peak in 2008, Brent cost some $140 a barrel before crashing down to $45 after the global financial crisis, which destroyed demand for energy.
In April 2020, the price of oil once again plummeted to record lows as the COVID pandemic swept the globe, prompting nationwide lockdowns and very weak demand.
By September 2021, surging demand coupled with supply shortages has sent crude prices to a near three-year high at approximately $80 per barrel. Analysts at Goldman Sachs expect Brent crude to hit $90 a barrel by the end of the year.
OPEC members’ oil reserves
Central to the world’s oil production is OPEC – the Organization of the Petroleum Exporting Countries. Established in Baghdad, Iraq in 1960, this multinational organisation comprises 13 nations that collectively possess about 80 percent of the world’s proven crude oil reserves.
OPEC member countries produce about 40 percent of the world’s crude oil and represent some 60 percent of the total petroleum traded internationally, according to the United States Energy Information Administration.
OPEC sees oil demand returning to pre-pandemic levels in 2022 and expects output to grow by 1.7 million barrels per day in 2023.
Venezuela has the world’s largest proven oil reserves at 303,806 million barrels followed by Saudi Arabia with 258,600 million and Iran with 208,600 million according to OPEC’s 2020 annual statistical bulletin.
Which countries have the most oil?
Venezuela, Saudi Arabia and Iran have half of the world’s 1.55 trillion barrels of proven oil reserves. The largest reserves among non-OPEC countries include Russia (80,000 million barrels) and the US (52,637 million barrels).
In 2019, the world consumed 99.7 million barrels of oil per day (mbpd) according to the International Energy Agency. The US alone consumes about one-fifth (20.48 mbpd) of the world’s daily oil consumption followed by China (13.07 mbpd) and India (4.84 mbpd).
According to OPEC’s Secretary-General Mohammad Barkindo, oil will retain its number one position in the global energy mix, providing 28 percent of global energy needs by 2045.
Bank of England will have to act to contain inflation – Bailey
“Monetary policy cannot solve supply side problems but it will have to act and must do so if we see a risk particularly to medium-term inflation and to medium-term inflation expectations,” Bailey said on Sunday.
“And that’s why we at the Bank of England have signalled, and this is another such signal, that we will have to act,” he said during a panel discussion organised by the Group of 30 consultative group. “But of course that action comes in our monetary policy meetings.”
(Reporting by William Schomberg; Editing by Alex Richardson)
UPDATE: U.S. expected to reopen border November 8, mixed doses eligible – BlackburnNews.com
UPDATE: U.S. expected to reopen border November 8, mixed doses eligible
October 15, 2021 7:25pm
There is word the U.S. will allow fully vaccinated Canadians with mixed doses of the COVID-19 vaccine to enter when the land border reopens to travellers next month.
The Centers for Disease Control and Prevention said early Friday evening that individuals who received doses of two or more different COVID-19 vaccines, including the Astra Zeneca vaccine, will be considered eligible to enter the United States starting in November.
“While CDC has not recommended mixing types of vaccine in a primary series, we recognize that this is increasingly common in other countries so should be accepted for the interpretation of vaccine records,” a statement from the agency read.
Earlier on Friday, a White House official told the Canadian Press on condition of anonymity, since the policy has not yet been made public, that the official reopening date for land borders will be November 8.
However, New York State Congressman Brian Higgins tweeted the date too.
The White House is indicating the U.S. will start allowing vaccinated Canadians to enter the U.S. through land ports of entry beginning on November 8. pic.twitter.com/dlWWZsL1wU
— Brian Higgins (@RepBrianHiggins) October 15, 2021
The Canada Border Services Agency also reminded Canadians what they would need to re-enter the country once land and water border points do open.
Travellers re-entering Canada will have to complete a PCR test within 72 hours of arriving at the border. They will also have to provide proof they are fully vaccinated against COVID-19 using the ArriveCan app.
“Antigen tests, often called ‘rapid tests,’ are not accepted,” said the CBSA statement.
For trips of less than 72 hours, Canadians and those registered under the Indian Act, permanent residents and protected persons can take their PCR test before they leave the country.
“Unvaccinated or partially vaccinated travellers who are eligible to enter Canada must continue to follow pre-arrival, arrival, and Day-8 molecular COVID-19 testing requirements, and quarantine for 14 days,” continued the statement.
Canada reopened its border to American travellers on August 9.
Travelling with kids under 12? What to know about the latest COVID-19 rules – Globalnews.ca
Canadians hoping to travel internationally for the holidays have much to celebrate.
A White House official told Global News on Friday that fully vaccinated Canadians will be able to travel to the U.S. by land or sea for non-essential trips starting Nov. 8. Later in the day, came the news that Canadians with mixed vaccines will also be able to cross the border.
And Canada lifted its quarantine requirement for vaccinated travellers entering the country by land and air back in July.
But one large group of vaccinated adults who may still have to shelve any plans for cross-border holiday trips: those with children under the age of 12 who cannot get the coronavirus vaccine yet.
While international travel with young children is possible, it remains riskier and more complicated. Here’s what to know.
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Re-entering Canada with kids under 12
Children under 12 who are travelling with fully vaccinated parents, step-parents, guardians or tutors don’t need to quarantine upon re-entering Canada but won’t be able to go back to their routines right away, either. That’s because they won’t be allowed to attend school, daycare or camp for 14 days after their return, according to guidelines posted on the website of the government of Canada.
The kids may also need to postpone seeing their grandparents for a while. Unvaccinated children returning from a trip abroad must avoid contact with people 65 years of age or older, as well as with those who have a compromised immune system or underlying medical condition that makes them more susceptible to complications from COVID-19.
Families must also ensure the children aren’t travelling on crowded public transport or attending crowded settings like amusement parks or sporting events.
Still, the kids won’t stay locked up in the house for two full weeks. They’re still allowed to go to the park, to head out for a walk, or to accompany their parents on errands to the grocery store or pharmacy, provided they avoid crowds, wear masks at all times, and maintain physical distancing.
There are also testing requirements. For unvaccinated children aged five and older, families have to provide negative COVID-19 results from tests taken right before entry, upon arrival, and eight days after coming back. As for adults, these must be molecular not rapid antigen tests.
Children under the age of five are exempt from the testing requirement, but parents should still include them as travellers in their submissions through the ArriveCAN app, which enables travellers to upload their trip details, test results and quarantine plans, if applicable. Use of the app has become mandatory for virtually anyone entering Canada by air, land or marine vessel.
In addition to the federal directives, parents should also check for any additional public health requirements in their local jurisdiction.
Children under the age of 12 travelling with unvaccinated adults must quarantine upon entering Canada.
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Travelling to the U.S.
Starting on Nov. 8, children under 12 will also be allowed into the U.S., provided they’re travelling with someone who satisfies U.S. vaccination requirements.
Canadians who have received two shots of the Moderna, Pfizer or AstraZeneca vaccines will be able to enter the U.S. U.S. authorities have also said the U.S. will accept international travellers vaccinated with mixed doses of any FDA or WHO-approved COVID-19 vaccines, which include Moderna, Pfizer or AstraZeneca vaccines.
There will be no need for a COVID-19 test to enter the U.S. by land or sea for vaccinated visitors. However, proof of a negative COVID-19 test taken within three calendar days of travel is still required to board a flight to the U.S. for all passengers except children under the age of two.
As U.S. reopens border, calls for Canada to end COVID-19 test requirement
Regardless of entry requirements, travelling abroad with children who aren’t vaccinated remains “risky,” even if parents have received their two shots, says Anna Banerji, associate professor of pediatrics at the University of Toronto’s Dalla Lana School of Public Health.
“There’s the risk of (unvaccinated children) getting sick or potentially spreading it,” she says.
The risk varies based on your destination, local rate of COVID-19 cases and vaccinations, as well as public health measures in place, she says. Some U.S. states, she notes, still have three times the average number of cases per population than Canada has.
“In many parts of the States, COVID is not under control,” she says.
Even if you’re flying to a destination with low rates of COVID-19 and stringent rules to contain the contagion, you’ll still be on an airplane for hours, potentially with people from all over the world, Banerji cautions.
The safer choice is to wait until young children have also had their full dose of vaccine, she says.
Earlier this month, Pfizer was the first vaccine maker to ask the U.S. Food and Drug Administration to authorize emergency use of its COVID-19 vaccine in children aged five to 11.
Pfizer has submitted its initial trial data to Health Canada and plans to make a formal submission by mid-October, a spokesperson previously told Global News. As of Friday, Pfizer had not made the submission to the regulator.
Banerji says she’s hopeful children aged five to 11 will be vaccinated within the next two to three months.
— with files from Global News national reporter Aaron D’Andrea
© 2021 Global News, a division of Corus Entertainment Inc.
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