Telegraph article on lots of crude surplus to demand..........
www.telegraph.co.uk/finance/newsbysector/energy/52...l
We of course are paying high prices for petrol/diesel and yet the laws of supply and demand has not brought down prices .....indeed they have risen lately.
Might be down to tax/vat etc rather than oil company prices.
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I was pondering the same thing this morning as I noticed that my local station stuck another 2p on the price of 95 octane green stuff over the weekend (now 98.9p)
My understanding is that, leaving tax to one side for a moment, the pump price is governed by the crude oil price and the £/$ exchange rate, as oil is traded in dollars.
Crude oil has been trading steadily between $50-$54 a barrel since late March. In the same period the pound has steadily gained against the dollar. Why are pump prices going up?
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Because Brits are stupid and will quietly pay anything below £1 a litre without moaning too much. Also properly prices in Dubai have plumeted but in order for the rich barons to still have their stupid life style they make us pay over the odds for fuel.
What angers me with fuel is why is their so obviously a cartel going on? All the petrol stations near me are pretty much the same price if there was competition surely one would be a lot cheaper?
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I've been wondering about this as well. People are still using their cars and have adjusted to the higher prices, the last thing the government want is a drop in the tax revenues from petrol and diesel sales.
Our North Sea oil and gas has been in decline for many years now, so we are becoming ever more dependant on the Russians and arab states for our energy.
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Brits are stupid and will quietly pay anything ...
What do you mean, Rattle? Where do you go to buy cheaper if the cartel all charge roughly the same? Even if most drivers went on pump strike (and I can't see that happening) pump prices wouldn't change. We are over the proverbial barrel :-)
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Its all about rich speculators - not the supplying countries. They are banking on a quick recovery and rapid return to $100/barrel price. So far, the plan hasn't worked.
Banks , hedge funds and the big boys are still playing their silly and dangerous games, manipulating the markets for the quick buck, and now they have free money given to them by the governments of the western world to play with.
The "green shoots" of recovery are but a thinly traded and highly speculative bounce that are not supported by economic fundamentals. The much vaunted recovery in 2010 is but pie in the sky. Recovery will come when all hands are turned to the war machine several yearas from now as it was with WWII after the 30's depression.
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Brum, your right there.
According to history if there is a 'depression' sorry I mean a recession then it is most likely to end in a war.
Oh and don't start me on the Gulf 'oil' war.....
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Are'nt there several full tankers moored off our coastline waiting for crude prices to go up????
Edited by Fullchat on 05/05/2009 at 19:44
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Four in Scapa Flow last time I checked.
Edited by Old Navy on 05/05/2009 at 19:46
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