Is the price of fuel this high because we will run out of oil soon?
F. Keller, Lugano
No, the current high price situation at Swiss petrol pumps has nothing to do with the global shortage of crude oil. The high prices at our gas stations are mostly due to a supply chain and price crisis caused by geopolitical influences and exacerbated by speculation from time to time.
Important factors affecting fuel prices are crude oil prices and product prices in stock markets. There is also the refinery market, which can vary depending on the capacity and usage between the crude oil price and the product price.
However, there are many more addictions that can increase the price of fuel in our country. For example, the exchange rate difference between the US dollar and the Swiss franc, or Rhine shipping tariffs based on water level. Then, of course, there were political unrest or strikes in producing countries, cuts in refineries, price setting by OPEC countries and EU sanctions. Hot or cold winters in the US can also affect prices because many Americans have less inventory than we Europeans.
At some point, fuel prices will likely fall again. However, when and if so how much is hard to predict, and it would be like reading coffee grounds for the reasons mentioned above.