Title: Why Europe is Experiencing Higher Oil Prices than the US | OilPrice.com
Headings: Why Europe is Experiencing Higher Oil Prices than the US
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Content: Brent oil spot price and world oil supply (broadly defined), based on EIA data. The issues then become: Which buyers get the oil? What uses get priced out of the market? Which countries are disproportionately affected? It seems to me that this time around, Europe, and in particular the Eurozone, is the area of the world getting hit the hardest by high oil prices. Part of this has to do with the relative level of the Euro and the US dollar. If we look at the price of Brent oil (a European oil) in Euros (Figure 2), we find that prices now are as high as now as they were in mid-2008. Figure 2. Dated Brent average monthly oil prices, expressed in Euros, based on IndexMundi data.