×
S&P 500   3,808.68 (-0.34%)
DOW   30,958.20 (+0.04%)
QQQ   283.66 (+0.04%)
AAPL   139.82 (+1.73%)
MSFT   259.97 (+1.36%)
META   163.94 (+2.03%)
GOOGL   2,236.67 (-0.16%)
AMZN   109.46 (+1.92%)
TSLA   674.11 (-3.42%)
NVDA   154.62 (-3.25%)
NIO   21.48 (-3.94%)
BABA   115.90 (-0.74%)
AMD   77.06 (-4.61%)
MU   55.80 (-3.56%)
CGC   3.54 (-1.94%)
T   20.79 (+0.87%)
GE   64.14 (-2.64%)
F   11.52 (-2.46%)
DIS   95.34 (-0.60%)
AMC   13.38 (-0.15%)
PFE   51.09 (+0.85%)
PYPL   71.32 (-0.70%)
NFLX   177.43 (-1.21%)
S&P 500   3,808.68 (-0.34%)
DOW   30,958.20 (+0.04%)
QQQ   283.66 (+0.04%)
AAPL   139.82 (+1.73%)
MSFT   259.97 (+1.36%)
META   163.94 (+2.03%)
GOOGL   2,236.67 (-0.16%)
AMZN   109.46 (+1.92%)
TSLA   674.11 (-3.42%)
NVDA   154.62 (-3.25%)
NIO   21.48 (-3.94%)
BABA   115.90 (-0.74%)
AMD   77.06 (-4.61%)
MU   55.80 (-3.56%)
CGC   3.54 (-1.94%)
T   20.79 (+0.87%)
GE   64.14 (-2.64%)
F   11.52 (-2.46%)
DIS   95.34 (-0.60%)
AMC   13.38 (-0.15%)
PFE   51.09 (+0.85%)
PYPL   71.32 (-0.70%)
NFLX   177.43 (-1.21%)
S&P 500   3,808.68 (-0.34%)
DOW   30,958.20 (+0.04%)
QQQ   283.66 (+0.04%)
AAPL   139.82 (+1.73%)
MSFT   259.97 (+1.36%)
META   163.94 (+2.03%)
GOOGL   2,236.67 (-0.16%)
AMZN   109.46 (+1.92%)
TSLA   674.11 (-3.42%)
NVDA   154.62 (-3.25%)
NIO   21.48 (-3.94%)
BABA   115.90 (-0.74%)
AMD   77.06 (-4.61%)
MU   55.80 (-3.56%)
CGC   3.54 (-1.94%)
T   20.79 (+0.87%)
GE   64.14 (-2.64%)
F   11.52 (-2.46%)
DIS   95.34 (-0.60%)
AMC   13.38 (-0.15%)
PFE   51.09 (+0.85%)
PYPL   71.32 (-0.70%)
NFLX   177.43 (-1.21%)
S&P 500   3,808.68 (-0.34%)
DOW   30,958.20 (+0.04%)
QQQ   283.66 (+0.04%)
AAPL   139.82 (+1.73%)
MSFT   259.97 (+1.36%)
META   163.94 (+2.03%)
GOOGL   2,236.67 (-0.16%)
AMZN   109.46 (+1.92%)
TSLA   674.11 (-3.42%)
NVDA   154.62 (-3.25%)
NIO   21.48 (-3.94%)
BABA   115.90 (-0.74%)
AMD   77.06 (-4.61%)
MU   55.80 (-3.56%)
CGC   3.54 (-1.94%)
T   20.79 (+0.87%)
GE   64.14 (-2.64%)
F   11.52 (-2.46%)
DIS   95.34 (-0.60%)
AMC   13.38 (-0.15%)
PFE   51.09 (+0.85%)
PYPL   71.32 (-0.70%)
NFLX   177.43 (-1.21%)

How much for gas? Around the world, pain is felt at the pump

Monday, June 20, 2022 | Daniel Niemann, Paola Corona, Jade Le Deley And Hau Dinh, Associated Press


People wait for gas pump in Hanoi, Vietnam Sunday, June 19, 2022. Across the globe, drivers are rethinking their habits and personal finances amid skyrocketing prices for gasoline and diesel, fueled by Russia's war in Ukraine and the global rebound from the COVID-19 pandemic. Energy prices are a key driver of inflation that is rising worldwide and making the cost of living more expensive.(AP Photo/Hau Dinh)

COLOGNE, Germany (AP) — At a gas station near the Cologne, Germany, airport, Bernd Mueller watches the digits quickly climb on the pump: 22 euros ($23), 23 euros, 24 euros. The numbers showing how much gasoline he’s getting rise, too. But much more slowly. Painfully slowly.

“I’m getting rid of my car this October, November,” said Mueller, 80. “I’m retired, and then there’s gas and all that. At some point, you’ve got to scale back.”

Across the globe, drivers like Mueller are rethinking their habits and personal finances amid skyrocketing prices for gasoline and diesel, fueled by Russia's war in Ukraine and the global rebound from the COVID-19 pandemic. Energy prices are a key driver of inflation that is rising worldwide and making the cost of living more expensive.

A motorcycle taxi driver in Vietnam turns off his ride-hailing app rather than burn precious fuel during rush-hour backups. A French family scales back ambitions for an August vacation. A graphic designer in California factors the gas price into the bill for a night out. A mom in Rome, figuring the cost of driving her son to camp, mentally crosses off a pizza night.

Decisions across the world’s economy are as varied as the consumers and countries themselves: Walk more. Dust off that bicycle. Take the subway, the train or the bus. Use a lighter touch on the gas pedal to save fuel. Review that road trip — is it worth it? Or perhaps even go carless.

For the untold millions who don’t have access to adequate public transportation or otherwise can’t forgo their car, the solution is to grit their teeth and pay while cutting costs elsewhere.

Nguyen Trong Tuyen, a motorcycle taxi driver working for the Grab online ride-hailing service in Hanoi, Vietnam, said he’s been simply switching off the app during rush hour.

“If I get stuck in a traffic jam, the ride fee won’t cover the gasoline cost for the trip,” he said.


Many drivers have been halting their services like Tuyen, making it difficult for customers to book rides.

In Manila, Ronald Sibeyee used to burn 900 pesos ($16.83) worth of diesel a day to run his jeepney, a colorfully decorated vehicle popular for public transportation in the Philippines that evolved from U.S. military jeeps left behind after World War II. Now, it’s as much as 2,200 pesos ($41.40).

“That should have been our income already. Now there’s nothing, or whatever is left,” he said. His income has fallen about 40% due to the fuel price hikes.

Gasoline and diesel prices are a complex equation of the cost of crude oil, taxes, the purchasing power and wealth of individual countries, government subsidies where they exist, and the cut taken by middlemen such as refineries. Oil is priced in dollars, so if a country is an energy importer, the exchange rate plays a role — the recently weaker euro has helped push up gasoline prices in Europe.

And there’s often geopolitical factors, such as the war in Ukraine. Buyers shunning Russian barrels and Western plans to ban the country's oil have jolted energy markets already facing tight supplies from the rapid pandemic rebound.

There's a global oil price — around $110 a barrel — but no global pump price due to taxes and other factors. In Hong Kong and Norway, you can pay more than $10 per gallon. In Germany, it can be around $7.50 per gallon, and in France, about $8. While lower fuel taxes mean the U.S. average for a gallon of gas is somewhat cheaper at $5, it's still the first time the price has been that high.

People in poorer countries quickly feel the stress from higher energy prices, but Europeans and Americans also are being squeezed. Americans have less access to public transport, and even Europe's transit networks don't reach everyone, particularly those in the countryside.

Charles Dupont, manager of a clothing store in Essonne region south of Paris, simply has to use his car to commute to work.

“I practice eco-driving, meaning driving slower and avoiding sudden braking,” he said.

Others are doing what they can to cut back. Letizia Cecinelli, filling her car at a Rome gas station, said she was biking and trying to reduce car trips “where possible.”

“But if I have a kid and I have to take him to camp? I have to do it by cutting out an extra pizza,” she said.

Pump prices can be political dynamite. U.S. President Joe Biden has pushed for Saudi Arabia to pump more oil to help bring down gas prices, deciding to travel to the kingdom next month after the Saudi-led OPEC+ alliance decided to boost production. The U.S. and other countries also have released oil from their strategic reserves, which helps but isn’t decisive.

Several countries have fuel price caps, including Hungary, where the discount doesn't apply to foreign license plates. In Germany, the government cut taxes by 35 euro cents a liter on gasoline and 17 cents on diesel, but prices soon began to rise again.

Germany also has introduced a discounted 9-euro monthly ticket for public transportation, which led to crowded stations and trains on a recent holiday weekend. But the program only lasts for three months and is of little use to people in the countryside if there’s no train station nearby.

In fact, people are pumping just as much gas as they did before the pandemic, according to Germany’s gas station association.

“People are filling up just as much as before — they’re grumbling but they’re accepting it,” group spokesman Herbert Rabl said.

Is there any relief in sight? A lot depends on how the war in Ukraine affects global oil markets. Analysts say some Russian oil is almost certain to be lost to markets because the European Union, Russia's biggest and closest customer, has vowed to end most purchases from Moscow within six months.

Meanwhile, India and China are buying more Russian oil. Europe will have to get its supply from somewhere else, such as Middle Eastern exporters. But OPEC+, which includes Russia, has been failing to meet its production targets.

For many, spending on things like nights out and, in Europe, the near-religious devotion to extended late summer vacations, are on the cutting table.

Isabelle Bruno, a teacher in the Paris suburbs, now takes the bus to the train station instead of making the 10-minute drive.

“My husband and I are really worried about the holidays because we used to drive our car really often while visiting our family in southern France," she said. “We will now pay attention to train tickets and use our car only for short rides."

Leo Theus, a graphic designer from the San Francisco Bay Area city of Hayward, has to be “strategic” in budgeting gas as he heads to meet clients — he might not fill the tank all the way. Gas prices in California are the highest in the U.S., reaching close to $7 per gallon in some parts of the state.

When it comes to going to a club or bar after work, “you’ve got to think about gas now, you got to decide, is it really worth it to go out there or not?” Theus said.

___

Corona reported from Rome, Le Deley from Paris, and Dinh from Hanoi, Vietnam. AP reporters Joeal Calupitan in Manila, Philippines, and Terry Chea in Oakland, California, contributed.


7 Defense Stocks to Buy as Global Tensions Continue to Grow

The United States may not officially be on a war footing. But since the Russian invasion of Ukraine, the Biden administration is pledging $350 million in military aid. And we're not the only ones. Our NATO allies are also making commitments to help Ukraine in its defense. And those commitments, along with that of the United States is likely to increase if the conflict escalates.  

That means this is the time for opportunistic investors to pounce on defense stocks. These are stocks that support the military industrial complex in the United States. Even in peace time, the defense department commands a significant portion of the federal government's budget. So it's logical to presume that more money will be spent to assist in our defense as well as the defense of other countries.

This is an example of investing in the world that exists rather than the world you may want. These seven companies stand to see a sizable increase in revenue. This is likely to spill over into earnings which in turn will lead to a higher stock price over time.

Here are seven defense stocks that you should be considering right now.



View the "7 Defense Stocks to Buy as Global Tensions Continue to Grow".

Free Email Newsletter

Complete the form below to receive the latest headlines and analysts' recommendations for your stocks with our free daily email newsletter:


Most Read This Week

Recent Articles

Search Headlines:

Latest PodcastHow to Profit In The Bear Market

Today, Kate is joined by a repeat guest, Rob Isbitts of Sungarden Investment Publishing. Rob specializes in ETF portfolios designed to deliver returns in any kind of market condition, including the current bear. In this conversation, Rob gives specific ideas for handling various allocations in your portfolio, and discusses how to approach inverse ETFs.

MarketBeat Resources

Premium Research Tools

MarketBeat All Access subscribers can access stock screeners, the Idea Engine, data export tools, research reports, and other premium tools.

Discover All Access

Market Data and Calendars

Looking for new stock ideas? Want to see which stocks are moving? View our full suite of financial calendars and market data tables, all for free.

View Market Data

Investing Education and Resources

Receive a free world-class investing education from MarketBeat. Learn about financial terms, types of investments, trading strategies and more.

Financial Terms
Details Here
MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more about MarketBeat.

MarketBeat is accredited by the Better Business Bureau MarketBeat is rated as Great on TrustPilot

© American Consumer News, LLC dba MarketBeat® 2010-2022. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | U.S. Based Support Team at [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security.

Our Accessibility Statement | Terms of Service | Do Not Sell My Information | RSS Feeds

© 2022 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer.