Straight forward, witty and timeless. #TellItLikeItIs, is a blog for our generation 
Over the past several weeks there has been the growing cry of frustration and disbelief at the steady increasing price of gas and petroleum products on the market. This consistent increase comes as a surprise even considering that there have already been global events which have directly impacted the cost of goods and services in just about every country.
Normally, the cost of fuel is affected if something disrupts crude oil supplies, refinery operations, or gasoline pipeline deliveries. As of recent , the main global event pushing the world price of gas higher and higher is the 2022 Russian invasion of Ukraine. This incident started just over three months ago and has majorly impacted the cost of fuel.
FYI, Russia is among the world’s largest exporters of gas and petroleum products, with this commodity making up more than 40% of its budget. Russia’s production of crude oil products reached a whopping 10.5 million barrels a day in 2021 and is the world’s largest gas exporter.
So its only expected that this incursion between Russia and Ukraine is definitely affecting gas prices all the way here too. A significant number of countries and governments have placed sanctions on Russian oil and sanctions aside, that event, on the other side of the Atlantic Ocean has Russia utilizing millions of barrels of its own oil. Such and other factors will result in less of the product being on the global market.
It’s no different here in Dominica. The price of gasoline is directly affected by world market prices and the cyclical demand and supply phenomenon. Generally, following the basic rules of economics, if there is a huge demand and limited supply then the price of a product increases (as was similarly the case following Hurricane Maria). Alternatively if there is a huge supply and little demand, then the price of a good (fuel in this case) decreases and so on.
While we, as the individual consumer, have no control or influence over the cost of oil, what we can do is to modify our habits in the meantime so that we don’t always cringe at the ever increasing price of fuel.
Hang tight!
Written by: Andrea Louis
For: Generation Y Dominica
Generation Y Dominica 