Fuel: what is the reason for the surge in prices at the pump? – Franceinfo

The price of a liter of gasoline has exceeded the symbolic bar of 2 euros in certain stations in France. The price hike is even stronger than at the start of the yellow vests crisis, due to the price of a barrel of Brent. A benchmark for crude oil in Europe, it has been rising steadily since the start of the year, and in October reached the price of 68.49 euros, an increase of 52%. The reasons are not only economic, but also geopolitical. After several months of health crisis, demand for oil is on the rise again. Exporting countries must therefore agree to produce more.

While the United Arab Emirates accept a sharp increase in production, Saudi Arabia and Russia, for their part, refuse by playing a race against time. For them, the interest of a low production, it is prices which rise. “We can see that the energy transition is accelerating, so we can anticipate that the consumption of fossil fuels will drop in the years to come. When you are in a market where the supply will have to gradually decrease in quantity, it is clear that it is better to keep prices high enough, to compensate for the drop in volumes.“, explains Sylvie Matelly, economist at the Institute of International and Strategic Relations.