How many liters of gasoline does the minimum wage buy?

How many liters of gasoline does the minimum wage buy?

In Latin America there are some countries where there are liters of gasoline It is cheaper than the rest of the world. Among the first places to stand out Venezuelaat a cost of 0.022 cents; Boliviaat $0.542; Colombia, at $0.557 and Ecuador at $0.634. But, how many liters of gasoline can be purchased at a minimum wage in the region?

As one of the largest exporters of crude oil, the Venezuela with the most purchasing power for these inputs for transportation and other operations is Venezuela, which produces 1,132 liters with a monthly salary converted into dollars ($24.91).

This nation follows Ecuador with 670 liters if we take into account that the minimum is $425 and the liter price is 0.635 cents, according to world oil price data. followed by Bolivia in the ranking with 599 liters; Colombia, 411 liters; Argentina, 331 liters; Chile, 289 liters; Paraguay262 liters; Uruguay, 239 liters; Brazil 229 liters and Peru 186 liters.

There are various factors that affect this panoramic image, such as inflationAnd interest rates and the depreciation of Latin American currencies in the face of the dollar’s appreciation, which has risen dramatically due to the possibility of a recession in the United States and global fears resulting from the war in Ukraine.

Another direct variable is Crude oil price Globally, which actually declined after data showed that US consumer prices remained elevated in August. “It appears that the risk of the Federal Reserve sending signals to the US economy of tight monetary policy remains on the table and that does not bode well for the medium-term oil demand outlook,” said Edward Moya, chief market analyst at Oanda. .

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In early September, commodity prices hit their lowest level since January and the US dollar rose to record levels as central banks prepared for further interest rate hikes.

Major headwinds continue as Saudi Arabia tells the Organization of the Petroleum Exporting Countries that it has raised crude oil production to more than 11 million barrels per day for the first time in more than two years, while investors are concerned about global consumption as China battles an outbreak virus. .

“We don’t expect a sustained rally any time soon, but we appreciate that risk-reward expectations have improved once again,” Morgan Stanley analysts including Martin Rats and Amy Sergent said in a note. The structural outlook for the oil market remains narrow, but for now, this is offset by cyclical fluctuations in demand.

Some of the leading banks have cut oil price forecasts for the rest of this year. Morgan Stanley cut its Brent price forecast for this quarter and the following quarter after a similar move by UBS Group AG earlier this week.

However, JP Morgan reiterated his call for oil to $150, noting that demand from China will rebound once the pandemic-related lockdown is lifted, while international explorers are not investing enough to replace existing reserves.

Separately, US Secretary of State Anthony Blinken said the US and Iran were unlikely to reach a new nuclear deal anytime soon, echoing recent comments from France, Germany and the UK. United Kingdom, delaying the prospect of any significant increase in Iranian oil. Short term shipments.

However, the United States itself could start increasing its emergency oil reserves when crude oil prices fall to around $80 a barrel, according to people familiar with the matter cited by Bloomberg.

Those factors drove August electricity bills for consumers there the most since 1981, up 15.8% from the same period last year, according to the US Bureau of Labor Statistics.

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In the case of Colombia, an increase in fuel per gallon rates to reduce the cost of the price stabilization fund will affect transportation and food costs, adding to domestic inflation, which has been affected by global expectations.

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