EU Gas Now Over $10: Charting The Global Gas Pump Price Shock

Tyler Durden's picture

For the first time since June 2011, the average price for Gas across the 27 European nations just broke above USD10/gallon. With the US on average above USD4/gallon (at its highest since May), it is perhaps worth looking under the covers at just what nations have been hurt the most in the last year by the money-printing-insanity-experiment rising price of crude. Italy has been hit the hardest with Fiat Uno drivers paying 18% more this year than last for a litre of petrol. As The Economist points out, only the Dutch and Norwegians pay more than the Vespa riders but perhaps it is worthwhile noting just how low (on average) the US price is compared to its global peers (for now) and the fact that only the French are paying less this year than last.


And from The Economist, Gas Price rises over the past 12 months have been considerable...

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brewing's picture

transitory inflation...

TruthInSunshine's picture

<-- People start breaking shit @ gasoline $5/U.S  $11/EU

<-- People start breaking shit @ gasoline $6/U.S.  $13/EU

derek_vineyard's picture

UNG printed fresh all time low today


Ahmeexnal's picture

What's the price of a gallon of gas in Venezuela?

UP Forester's picture

How come Libya isn't listed?  They must have had a helluva jump once the evil dictator was deposed, and got a central bank.  What was is a year ago, 16c/gal?

Sudden Debt's picture

Two kidney's and your liver.

TruthInSunshine's picture

Bernanke's monetary policies have nothing to do with increasing oil or commodity costs.





DoChenRollingBearing's picture

Another consequence related to high price of gasoline will be the high price of aviation fuel.  Fewer people will fly.  

Not good for airlines or the tourism industries.  Business class Miami - Lima - Miami was quoted to me at a majestic $4000 round trip a month ago (less than six hours one way). I took economy at $1100...

NOTfromSanFrancisco's picture




Large hotels and restaurants get clobbered too. In So. Calif. we got beat up pretty good when fuel prices rose a little higher than where they they are now a couple of years ago. The top management at our hotel tries to keep the associates who work there pumped with good news about future business expectations, but the proof is in the scheduling, both with the number of associates working on the schedule full time and the number of hours the full timers are actually getting scheduled to work. Those numbers do not lie...

Freddie's picture

Who wants to get scanned, frisked and groped by TSA?  Who wants to go to CA anymore?  Used to be a nice place.

NOTfromSanFrancisco's picture



Sudden Debt:

I believe that is what China's death row inmates pay... For now...

Floordawg's picture

Cheap gas is a "birthright" to Venezuelans... like obesity is to Americans

Eclipse89's picture

I am Inflation.

I will not forgive, I will not forget, expect me.

Got gold, bitchez?

Henry Chinaski's picture

TPTB can grow debt and print money like gangbusters, engage in wars and try to command the economy.  What a waste.

Things people need get more expensive, as things people don't need get cheaper.

Got what you need, bitchez?

TruthInSunshine's picture

Alternate Option: 


Obama orders opening of SPR 4 weeks before November election causing oil to plunge to $40/barrel. </sarc>

Bazinga's picture

I guess up until $5/$6 US people are merely passing gas? At $6 US I say the shit hits the fan...


paulbain's picture

Bazinga wrote:

I guess up until $5/$6 US people are merely passing gas? At $6 US I say the shit hits the fan...

Well, perhaps. Actually, it is more likely that the Federal government will impose fuel price controls before the gas price breaches $6 per gallon. The crap will not hit the fan until a few months after that imposition, when there will be profound shortages of gas at the legal price.

-- Paul D. Bain






Freddie's picture

Price controls will only make it worse and it will happen very fast.   Libtards with horrible oil, etc. and phony environmentalism is payoff to their Saudi pals.  

When gas starts getting really high it will filter into everything.  Food prices, electricity, water bills, shipping costs, anything you pay for.  The pain will go up fast because you will have food shortages.


DoChenRollingBearing's picture

@ Truth

Maybe at $6.00, but I would think no violence here until $7.00.  Certainly more destruction of the economy starts at $5.00, but things don´t BREAK at $5, they would break about $7.00, when those who commute to lower paying jobs cannot make it.

$6.00 destroys the economy.

$7.00 people start breaking shit.

And Obama looks pretty stupid with his no drilling / no pipelines policies.

TruthInSunshine's picture

This is just a guess on my part, but at the current levels, the economy has been breaking down faster than it formerly was (even if masses haven't begun breaking shit, yet).

Gasoline. You can't eat it.

MachoMan's picture

This.  As time progresses, we're less and less resilient.  An equal oil shock in the future will cause more damage than today... 

No one need determine some $ amount where the economy breaks down when the present price levels of gas are killing the economy (or what was left of the ghost of its inertia).   

Sudden Debt's picture

Funny thing with people... They'll just say "what can you do about it?" and they'll pay the price.

DoChenRollingBearing's picture

@ Sudden

+ 1

Yes, I overlooked that in my comment to Truth.  I think that you are right until things get REALLY BAD, and my guess it is $6.00 - $7.00 here in the USA.  If we get there, then maybe they WON´T pay the price.

And I will be real glad that we don´t sell bearings here (cars not running much)...

Sudden Debt's picture

We'll see my friend, I to remember the time when it costed 25€ to fill up my car in the not so far past and now its 115€ to fill it up. And no riots over here. Aso remember that european food prices doubled and trippled these last 5 years, and no riots here.

TruthInSunshine's picture

They have no choice until they have no credit. And if you think that they're not digging deeper into the credit well and/or savings to pay the bills, I do not believe you know modern day Americans.

My very humble opinion is that economic contraction of the kind that can't even be hidden by inflationary scheming (we've been contracting in real terms for more than a decade) can't be avoided once a % of the population that was deemed middle class circa-1968ish (in U.S. terms) shrinks by half. We're probably 80% of the way there.

Where did that half go? Did they move in equal parts up and down on the income ladder? Did they appear to stay put on consumption based on credit? Two incomes instead of one?

If a far larger portion moves downwards, essentially fueling their consumption on credit (and I'd argue we've been in a credit based consumption cycle just like this since 1977), and then you have a blowoff move in credit/debt consumption in the last decade, the top 10% won't be able to support the economic structure no matter how much they spend (versus save, which they do in larger amounts, especially those in the 3%+ income and wealth brackets).

And this is why the bubbles must be blown, as a can-kicking, delay exercise. After all, who wants to be in the hot seat and have to get everyone to take the medicine with wicked side effects, but that's the only thing that can arrest the disease?

The fact that an institution is bankrupt can be hidden for some time given the correct mark-to-fairy tale metrics.

Quinvarius's picture

People making 7.50 an hour, before taxes, don't have room to spend $14 a day on gas.

Sudden Debt's picture

People who make 7.50 an hour love to walk.

Freddie's picture

Hilarious seeing you getting junked by Obama voters who post or lurk here.

The $7.00 and even $6.00 level will see higher food prices and food shortages.  The parasites will still have their Food Stamp Diner's Club credit cards.

PrintPressPimpin's picture

yo do you tripping dog...I heard obummer was all about that pipeline where you been



bobola's picture

Bike Club rule #1 - you talk about riding a bike while the car stays at home.

Bike Club rule#2 - YOU TALK ABOUT RIDING A BIKE......

lenitivelea's picture

<--  People never start breaking shit and adjust to "new normal" at every price level

Stoploss's picture

Holy shit, we're going to need a LOT more cops for this one.

Stoploss's picture

Now you know how they are making up for the lost tax revs.

Stoploss's picture

Start with this.

To find out WHY gas is high, these are the people to talk to.

There are only three entities involved in bringing gas from the refiner to the pump.

One of them (retailer) has the least price control, ( he buy's from the jobber, and the jobber sets the price ).

One of them ( the jobber ) drives their truck onto the refiners property to fill the tanker. He receives a jobber's Discount...

One of these two, ( the jobber, and the refiner ) are making what appears to be a killing.

IF the jobber discount is in line, which was as much as 25% at one time, then that means the refiners are making the killing right? But how can that be, if their margins are collapsing??

Surely the refiners wouldn't be engaged in some kind of hidden governmental give back to offset the exponetial decline in tax revenues due to the simple fact that you cannot have a "jobless" recovery if you can't create enough jobs to overcome the initial job drop in the first fucking place!!



Sudden Debt's picture

Drones.... They'll need more drones. With rockets.... Lots of them...

Silver Bug's picture

Look the other way. No inflation to see here ladies and gentlemen.

Widowmaker's picture

America to Europe - Close your eyes and inflation goes away!

Change the model, print more fraud.

q99x2's picture

The US appears once again listed closest the PIIGS

ACP's picture

The Fed will have to release some oil suppression funds from its Strategic Manipulation Reserves.

LawsofPhysics's picture

Why such a small change in France?  Subsidies?

Cast Iron Skillet's picture

the French have an election coming up ...

rwe2late's picture

 Plunder, err, I mean "subsidies" from Libyan resource management?

Sudden Debt's picture

Small president, low inflation
America... Well.... Big president, high inflation and the fact that his name rhimes with Dumbo doesn't bode well either...