Jakarta –
World oil prices have fallen significantly to levels below US $ 80 per barrel. The figure was the lowest since January of this year.
Quoting CNN, global oil fell 5.7% on Monday (8/26/2022) to US $ 78.73 a barrel on Friday. This was the lowest intraday level since 11 January.
Falling world oil prices are likely to lower the price of gasoline. However, this decline is evidence that investors are increasingly concerned about the pace of the global economy.
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Investors are concerned about the Federal Reserve’s decision to control inflation by raising interest rates. This, according to investors, is designed to slow the United States (US) economy and plunge the United States into a recession.
“They are deliberately sending this economy into recession,” said Robert Yawger, vice president of energy futures at Mizuho Securities.
“A Fed rate hike is killing demand for everything, especially energy,” he continued.
In the United States (USA), gasoline prices continued to fall for 98 consecutive days. The national average for regular gasoline prices was $ 3.69 per gallon on Friday, according to the American Automobile Association (AAA). This is well below the June 14 peak of $ 5.02 per gallon.
In March, the world price of oil even exceeded $ 130 per barrel. This was triggered by the lack of oil supplies from Russia, which is an oil exporter to various countries.
Watch videos”Pertamina CEO’s response to global oil declines but subsidized fuel increases“
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