Does anybody here have a reason why fuel prices are still so high and moving upwards? I thought when it went above the pound a litre figure, it was because Oil was going up, at over the 100 dollars a barrel magic number that scares the USA so much.
However, most of the oil figures (Brent, Crude, etc) are currently sitting at below 90 dollars a barrel. So why hasn?t fuel dipped back down to below the pound. Is it just the fuel producers being greedy, or is there another reason?
At least one major oil producer has recently had their country illegally invaded and trashed. The neighbouring oil producer has been threatened with a nuclear attack. Under these circumstances it has been difficult to conduct business as usual, and so the oil price has gone up: to the delight of the oilmen who control the Bush administration, and who own vast shareholdings in the oil companies.
Perhaps, in that the pump price consists of taxation of at least 50%, it is the government being greedy - as usual.
but the OP wanted to know why the petrol price was high when the oil price was apparently falling. problems in the middle east do not explain that.
However, the price is bound to go up in the longer term. We (the world) are burning it about six times as fast as we are discovering it at the moment.
Robert
They want the money to invest in rewables? Peak oil? Greed?
Correct. this reply would make sense if oil was zooming up to say $105 a barrel, but its down (even more today), so why are the petrol pricesnot dropping?
Somebody somewhere is making tons of cash. I just hope its not the government, making oodles of cash by the fuel tax, only to try and spin tax reductions at the end of the year to win votes for the General Election. The general public are just stupid enough to fall for that... "Well, weve been struggling to pay the £1.39 a litre fuel all year, but at least Gorgons dropped income tax by a penny - woo hoo".
The pound is falling against the dollar, so if you look at the price in £/barrel rather than $/barrel, the graph will be a bit different.
Also, there is a time delay between movements in crude prices and changes in prices at the pumps. When crude went up, pump prices didn't go up straight away, and similarly when they go down, pump prices won't go down straight away.
Wrong. There is a lead/lag effect in world prices.
The dollar is falling against the pound and the euro.
gasoline prices in the US fluctuate enormously. In the past 18 months it's been as low as $2 a (US) gallon, and as high as $3.50.
Hmmm, what's that in real money?
and real gallons?
R
i.e. litres.
Chris
I know American gallons are small, but they're not *that* small!
2 dollars is a quid, and a US gallon is 3.7 litres, I think.
In message , vulgarandmischevious wrote
Is that a US liter or a UK litre :)
Bitstring , from the wonderful person Alan said
French, of course ..
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