Any - Price of oil at 12 month high.............

Honest John Back Room » Motoring discussion
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Tue 11 Oct 2016 12:14
Any - Price of oil at 12 month high............. - nick62
With the price of oil at a 12 month high and Sterling dropping faster than a stone, will any Brexiteers have second thoughts about their decision in June, when their weekly fill-up increases by several pounds shortly?
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Tue 11 Oct 2016 12:44
Any - Price of oil at 12 month high............. - RobJP

In June 2008, the price of oil was $151 per barrel. Yesterday's price was $51 per barrel.

So, using just as much logic (not much, in case you were wondering) as the original post, discussing leaving the EU, and the buildup to the vote, has caused the world price of oil to drop by $100 per barrel.

Furthermore, the drop in the value of the pound makes the UK more encouraging for tourists, who get more £ for their euro, dollar, yen, etc. So more people visit here, spending more money, which means more VAT and other tax receipts, and more staffing. In addition, the change in currency rates makes UK exports cheaper (that £100 item isn't $140 now, its $125), meaning more firms that manufacture for exports will sell more goods, make more profit, and possibly employ more staff to make and export those goods.

Compare that lot to the possible small increase in fuel prices, and I doubt many people who voted 'leave' will be complaining too much.

In fact, the original post just sounds like whining from someone who thinks the public didn't vote the 'correct' way in the referendum.

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Tue 11 Oct 2016 13:08
Any - Price of oil at 12 month high............. - FP

"...will any Brexiteers have second thoughts about their decision in June, when their weekly fill-up increases by several pounds shortly?"

The price of fuel is forecast to rise by around 5p per litre in the short term. That's less than £2.50 extra for a full tank of petrol for me - unwelcome, but only around the price of a coffee.

However, holidaying abroad is looking a lot more pricey, with the Euro approaching parity with the pound.

Any price rise is unwelcome, but only the very simple-minded will feel this makes them regret their vote for Brexit. There were, and are, much bigger issues at stake.

No-one who voted out and who has any sense of realism will have thought it was all going to be plain sailing.

Edited by FP on 11/10/2016 at 13:08

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Tue 11 Oct 2016 13:23
Any - Price of oil at 12 month high............. - Wackyracer

Everything is blamed on Brexit! My neighbours dog died, is that because of Brexit?

How short a memory some of us have! We were paying much more for fuel just a couple of years ago. I can remember paying £1.48 a litre at Jempsons in rye a few years ago and before the price dropped to approx £1/L it was around £1.30/L.

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Tue 11 Oct 2016 13:29
Any - Price of oil at 12 month high............. - FP

It's also worth pointing out that the primary reason crude oil has surged in price is that earlier this month Opec managed to scrape together a deal to restrict production. So it's not just the falling value of the pound that is at work here.

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Tue 11 Oct 2016 13:51
Any - Price of oil at 12 month high............. - Metropolis.

I voted Brexit and I would again, come what may. It's worth it to be a sovereign, democratic country. Fall in the pound will be great for our exports which have been so decimated by our membership of the common market.

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Tue 11 Oct 2016 14:26
Any - Price of oil at 12 month high............. - sandy56

I voted for BREXIT and would vote the same tomorrow.

The UK has no impact on the oil price which will change for all sorts of weird and wonderful reasons. The UKP has gone down, soon it will go back up, the EURO is more likely to collapse than the Pound, at it is based on German French and Italian banks which are mostly broke.

The price of oil has only one way to go in the long term UP. I expect the price per barrel to double in the next 3-5 years. Enjoy cheap oil while you can, it will not last.

Edited by sandy56 on 11/10/2016 at 14:27

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Tue 11 Oct 2016 15:20
Any - Price of oil at 12 month high............. - Steveieb
In addition, Britain will not be seen as the honeypot destination for citizens from less prosperous European countries, which has left them with serious problems when their younger generations have been leaving their countries in droves.
Only problem for my generation is that the government may require us oldies to go fruit picking.
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Tue 11 Oct 2016 17:33
Any - Price of oil at 12 month high............. - focussed

For the Brexiteers I give you:-

"They sowed the wind, and now, they are going to reap the whirlwind"

Nuff said.

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Tue 11 Oct 2016 18:04
Any - Price of oil at 12 month high............. - brum

For the Brexiteers I give you:-

"They sowed the wind, and now, they are going to reap the whirlwind"

Nuff said.

And what the eff does that mean?

Have you been attending bible writing classes?

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Tue 11 Oct 2016 21:23
Any - Price of oil at 12 month high............. - Metropolis.

Remoaners gonna remoan...

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Tue 11 Oct 2016 22:05
Any - Price of oil at 12 month high............. - RobJP

Brexiteers are going to reap the whirlwind of an independent country, possibly, rather than being part of the EU superstate ?

Maybe it means that when the rest of the EU eventually collapses into a mess, those who voted 'leave' will be seen as intelligent visionaries by all those limited sheep who wanted to stay, and had no confidence in their country or themselves ?

Or maybe it just means that some whiny people still like to whine. Who knows.

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Wed 12 Oct 2016 00:42
Any - Price of oil at 12 month high............. - nick62

It was a question raised with a motoring link (fuel prices), hence why it was on here, I never said the price of oil was influenced by the EU vote.

I hope that Sterling does recover it's value as on a lighter note, I used to enjoy holidays in Switzerland at something like CHF2.4/£ back in 2001, (even better CHF3.3/£ in the late 80's), but now as it is CHF1.2/£ I guess I'll have to forgo my fondues, at least for now.

On a more serious note, particularly with the references above regarding cheap exports, I do small scale manufacturing of specialised electrical control systems. Apart from the cable, which is normally UK manufactured, every other component (enclosures, terminals, trunking, control gear, etc.), is soured from Europe, because there is NO UK manufactured alternative! All the UK manufacturers have either closed down or been brought-up by European companies and the work shifted to Italy / Germany / Spain / Czech Republic / China, so the "bonus" of a cheap £ is offset by our additional component costs. There will also be big upward pressure on wages when joe public see food and white goods prices rising rapidly.

It does make me laugh when I hear the comment that the Euro is a "basket case" currency, what does that make Sterling if it is 20% WORSE v's the Euro of four months ago?

BTW, I will be delighted if you can come back next year and say you told me so if/when Sterling does indeed recover.

Edited by nick62 on 12/10/2016 at 00:55

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Wed 12 Oct 2016 08:23
Any - Price of oil at 12 month high............. - oldroverboy.

.

I hope that Sterling does recover it's value as on a lighter note, I used to enjoy holidays in Switzerland at something like CHF2.4/£ back in 2001, (even better CHF3.3/£ in the late 80's), but now as it is CHF1.2..

I voted out.. so did swmbo.. Aside the politics I am very happy, my final salary pension for working in switzerland is paid in swiss francs..

I have some dollar income too. cheers all... hic!

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