Oil prices have reach a new high today of $77 a barrel.
www.telegraph.co.uk/money/main.jhtml?xml=/money/20...l
What price a litre in a few weeks time?
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Roger
I read frequently, but only post when I have something useful to say.
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Only 32p a litre of the current pump price (99.9) is actual fuel provided by the petrol companies (including profit margins), so the price of oil needs to double just to see an increase of 30p a litre or less. So at $77 or even $100 fuel is cheap and the pump price won't move that far upwards.
Unlike the poor USA where fuel costs a large majority of the pump price, so the oil price going up has a rather more dramatic effect on the pump price...
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High oil prices in the USA are surely a good thing as it will shake more Americans into driving sensible cars.
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Sorry, I forgot to add the ;) to indicate how I felt about the "poor" american consumer with their 10mpg trucks... ;)
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The US motorist is doing his best: he's switching to Toyota from Ford and GM.
madf
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Only 32p a litre of the current pump price (99.9) is actual fuel provided by the petrol companies (including profit margins), so the price of oil needs to double just to see an increase of 30p a litre or less. So at $77 or even $100 fuel is cheap and the pump price won't move that far upwards.
Ah, but since when has that stopped the oil companies sticking a penny on at the pump every time it makes the news?
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... oil companies sticking a penny on at the pump every time it makes the news? ..
>>
this time it is because, as the daily telegraph link above explains :
.... BP is shutting down the Prudhoe Bay oil field in Alaska indefinitely, cutting production by 400,000 barrels a day - 8pc of US domestic oil output and about 2.6pc of US supply, including imports. The closure was due to the discovery of severe corrosion and a tiny spill from a Prudhoe Bay oil transit line, BP said.
Tony Nunan, a risk manager at Mitsubishi Corp in Tokyo, told Reuters: "The BP field is a sizable stream and this is just another thing. The world is already concerned about supplies and this is just adding to concerns. Iran is in the background."
...
....
Mr Malone said the field will not resume operating until the company and government regulators are satisfied it can run safely without threatening the environment.
my comment: if it turns out to be a design related corrosion problem, it could mean bp having to replace the entire length of the multiple pipeline runs from alaska to the usa (which was a massive undertaking when it was built as it involved building across vast areas of deeply frozen land ). that would mean years of work, not just a few weeks or months.
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Ah, but since when has that stopped the oil companies sticking a penny on at the pump every time it makes the news?
Good news. Oil is priced in dollars and the dollar/sterling exchange rate has improved by 3% in the last fortnight. Surely everyone noticed the instant 3p/ltr reductions at all the forecourts.... didn't they? [Or did the oil companies keep it all for themselves? If they had though, wouldn't it show up as vastly increased profits.....]
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The dollar is depreciating like a lead boat sinks cos theUS has printed so many to fund their deficits.
the bad news is commodities priced in dollars tend to rise as the dollar falls .
I'm expecting $100 per barrel by 2010. - umless the ME war gets worse: in which case by Xmas 2006.
Iam afraid to say that anyone who buys any car doing less than 35 mpg on average is going to have rather a financial burden in the next years.
madf
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exchange rate has improved by 3% in the last fortnight. Surely everyone noticed the instant 3p/ltr reductions at all the forecourts.... didn't they?
>>
someone certainly has a screw loose in the maths department.
the price of crude has gone up three fold from about $25 to $75 per barrel over two years.
and of course you have noticed the price of petrol go up threefold from 80p to £2.40 per litre, haven't you ??
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Surprised to see diesel just off junction 8 towards London at just 97.9 tonight.
But something i've mentioned to so many friends and family that if travelling up North on M25 and running low on fuel, leave at Junction 19 on A41 towards Watford and fill up at one of the four stations on the roundabout which are always cheaper than any others around, 96.9 tonight for diesel, and also good for joining the M1 without the unneseccary snail's pass driving of some drivers from the M25 to M1
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My prediction is that the fault will be identified and rectified using 'intelligent pigs' within a week, two at most.
A 'pig' is just a big ball you run down a pipeline to de-fur it or clear a blockage. An intelligent pig is the same thing but packed with electronics. The market leader in this technology is British Gas. Thats the real British Gas not Centrica which has the right to use the name British Gas in the UK domestic market.
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T
De-fur? Sounds like one of our cats. You mean de-wax; scraping all of the waxy bits off the side. If it's that badly bunged up I can't see a pig sorting it. Anyway, I thought it was a leak.
JH
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Bring it on - have a company fuel card - doesnt cost me a penny in extra tax either - and the company has just made huge profits...
Isn't life sweet sometimes.
Toodle Pip
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>>I thought it was a leak.<<
Me too - turning the lovely Alaskan snow all black and gooey.
>>Bring it on - have a company fuel card - doesnt cost me a penny in extra tax either - and the company has just made huge profits... <<
Employ me NOW please.
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Bring it on - have a company fuel card - doesnt cost me a penny in extra tax either -
Presumably you log and pay for your private mileage though. Either that or you're going to get a really nasty surprise one day from the Revenue when they demand all the back tax within 28 days (I have seen this done, and they are completely ruthless).
Fuel cards were one of Gordon Brown's first targets when he and his band of criminals appeared on the scene in 1997.
I ditched my private fuel option soon afterwards and opted to log my miles and repay private miles at an agreed rate. This rate is also watched by the Revenue and if they think you're making out of it, they'll whack a bill your way.
In my experience, they're slow, but they get there eventually. Depending on how good your company accountant is of course.
Cheers
DP
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Dalglish
someone certainly has a screw loose in the maths department.
You've obviously never heard of irony then.... Or humour....?
["Commodities priced in dollars cost more when the dollar falls in value" - do they really ???]
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Filled up the Mondeo with diesel at the local Sainsbury's last night after the fortnightly grocery shop and paid 93.9 p per litre.
If you spend £50 in store (which we do anyway), they give you a voucher with your till receipt which gets you 5p per litre off the pump price.
Saved me the best part of £3 on one tankful.
Luvverly jubberly!!
DP
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