Pain at the pumps? There's more fuelling those high gas prices than the cost of crude — via financialpost gas fuel inflation
, raising the price of petroleum products like gasoline and diesel even more than the soaring cost of oil, says Capital Economics.
Refining capacity has fallen in western countries in recent years as investors and policy makers move away from fossil fuels. Refining capacity has increased in China and the Middle East, but globally, petroleum product consumption has grown faster. Consumption is also showing no signs of slowing down, said Capital. Even though higher fuel costs will crimp demand, the global economy will be bigger by the end of this year, requiring more product.
Gasoline prices in the U.S. hit US$173 a barrel in the second quarter of 2022, compared with US$79 in the period of 2016 to 2021. Diesel was even higher, fetching US$191 a barrel.
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