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An Article Shared by Reuters shows that the refining capacity of the United States (U.S.) has decreased significantly after five oil companies closed during the pandemic. Despite this, the country’s production capacity is already at 96%, says the American Automobile Association (AAA). The crisis impacting the major world power has caused each gallon of gasoline to be traded at US$ 5, one of the highest prices seen since 2008. The prices and high inflation left by the crisis triggered by the war between Ukraine and Russia put President Joe Biden’s popularity at stake and impact the economy in Brazil.
On June 11, last Saturday, the price per liter was being traded in the U.S. at US$ 4.986. In light of the significant price increase, Biden sees the resumption of negotiations with Maduro, the President of Venezuela, who could sell part of his oil reserves to Europe in order to pay his external debt and, with higher productivity in the sector, there will be price control caused by increasing stocks.
Period with Gallon Above US$ 5 Will Last Longer in the U.S.
Even with the possibility of negotiating the purchase of oil from Venezuela, it is estimated that the price of each gallon will be sold for over US$ 5, or R$ 25 with a direct conversion at the dollar rate, to the population for a few more months. “The US$ 5 level is where we can see abundant destruction of gasoline demand,” said Reid L’Anson, senior economist at Kepler.
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Many employers do not know, but the law guarantees domestic workers a 25% increase in salary during trips, 50% for overtime, 20% for night shifts, and 17 additional benefits that can lead to labor lawsuits if not paid.
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Gasoline prices soar and the question arises: is ethanol more advantageous? The 70% rule reveals the limit with gasoline.
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The government has made a decision and is starting a test with more ethanol in gasoline, anticipating a mixture of up to 35%, diesel with 25% biodiesel, and a study to assess the impacts on engines.
The Mobil station in West Hollywood already has super high prices on gasoline per liter. Despite this, experts from the Reuters portal estimate that the United States is experiencing an 8% increase lower than the crisis left by the bursting of the housing bubble in 2008 when the price of the gallon was US$ 5.41, according to data from the U.S. Department of Energy. Meanwhile, it should be noted that one of the largest declines in the price of the gallon, according to the same sources, occurred before the turn of the century.
Consumer Spending Is Resilient Considering Inflation – Impacts of the Oil Crisis Reach Brazil.
Petrobras argues that the price charged for each liter of diesel gasoline is outdated considering the foreign market. The crisis reaching Brazil is the same left in the United States by the war between Russia and Ukraine. After all, the average Brazilian is already paying, in some regions, more than R$ 10 per liter of gasoline.
To contain Brazilian inflation, which has been driven by the international crisis, the government of Bolsonaro has proposed the creation of a project that aimed to end ICMS taxation by the states. Bolsonaro stated, however, that he would be passing on, through the taxes collected at the federal level, a budget for each state to cover the end of their revenues. A promotion held by Havan on Tax-Free Day shows that the price of gasoline without taxes is R$ 5.
Meanwhile, both Petrobras and other companies located in both the United States and Brazil, focused on oil production and refining, are experiencing a rise in stock prices: investors believe the appreciation will be even more significant.
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