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Crude oil prices saw their biggest spike since the 1970s earlier this year as Russia invaded Ukraine, sending the price of gasoline, food and other staples skyrocketing. Although the price of oil has come down, economists expect household bills, including the cost of fuel for your car, to remain high in many countries for the foreseeable future.
So what’s prompted the price of crude to fall and where is it likely to go from here?
To answer these questions and many others, we asked energy expert Adi Imsirovic of the Oxford Institute for Energy Studies and the University of Surrey to offer his take on the latest swings in energy markets. Weather, war, Chinese demand and U.S. supply all play a part when predicting future oil prices, he explains, not to mention the impact of recessions and rising interest rates in many parts of the world.
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Adi Imsirovic, University of Surrey
Hopes that prices will ease are probably wishful thinking.
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Quote of the week 💬
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“When people are feeling happy they are more likely to be friendlier and open, fostering workplace friendships, which people report as being a significant part of their enjoyment at work. Quiet quitting’s focus on just doing your job also removes the negative impact of constantly feeling in competition with peers.”
– Nilufar Ahmed of University of Bristol, from her article Quiet quitting: why doing less at work could be good for you -- and your employer
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Economy
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Peter Martin, Crawford School of Public Policy, Australian National University
Asked how high an inflation rate Australia should prepare to tolerate, three of the 48 economists nominated 8% or higher. Seven expected inflation to fall without the need for further action.
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Kathleen Klaus, University of San Francisco; Oscar Gakuo Mwangi, National University of Lesotho; XN Iraki, University of Nairobi
Academics provide their insights into the state of the country’s economy, Ruto’s economic promises and what to expect.
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Energy
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Renaud Foucart, Lancaster University
Britain’s households are facing a cold winter but its power market could learn something from neighbouring systems to avert a crisis
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Technology
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William D. O'Connell, University of Toronto
Because cryptocurrency exchange platforms act more like banks, they should be subject to increased oversight to protect clients’ assets.
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