Categories: News

This is why the fuel price will soon fall to normal levels

The price of a barrel of Brent oil is slightly above $80. And that’s not even a record. Between 2011 and 2014, a barrel cost more than $100, but fuel prices weren’t as insanely high then as they are today. This is partly why experts think that the sky-high prices at the pump will soon be over.

After a period of low demand, fuel prices skyrocket

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quotes an American expert as saying, “High oil prices are the cure for high oil prices.” If there is a period of low oil consumption (such as in 2020 during the onset of the corona crisis), the oil market tends to skyrocket when demand suddenly returns.

Oil supply is now almost enough to meet demand

Now that oil demand has been stable for some time, that exaggerated price increase will stabilize and turn into a price drop, the expert said: “They should return to normal levels sometime next year.” The International Energy Agency reports that oil supply is close to meeting demand and that the end of price increases is in sight.

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