I have the news on as background noise, I am sure I just heard an ex oil trader who is now something in government predicting the £2 litre in the near future.
Managing expectations?
Last edited by: Old Navy on Sat 5 Mar 11 at 10:40
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Skoda's just put his 7-series on ebay.
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That is probably right, I heard yesterday that the American consumers were beginning to squeal about the rate of petrol price increases.
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well I doubt Libya is producing oil at the moment, Iraq is still well down on its pre "we bombed the crap out of them" days. Iran wont come to the rescue. If Saudi falls into turmoil we are knackered.
Mind the only upside is American consumers squealing. At last they can see what their foreign policy has wrought
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We use an average of half a tank a week when local running, I fill up weekly, at least the diesel is appreciating in value in my tank not theirs.
I will beat you to it Zero, The diesel will soon be worth more than the car. :-)
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>> I will beat you to it Zero, The diesel will soon be worth more than
>> the car. :-)
I only have a 50 litre tank, I cant even hedge against price rises!
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I'm sure I've read somewhere that Libya only contributes 2% of global oil production.
Can't help thinking that this is merely profiteering.
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I agree there is profiteering going on, I have seen the laden supertankers moored around the UK for months waiting for the oil price to go up, but I believe the world runs at close to the maximum refining capacity so that is the weak part of the chain. Mind you it does not help if a big producer goes off line, (bigger than Libya).
Last edited by: Old Navy on Sat 5 Mar 11 at 11:08
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Of course it is profiteering. I don't think we're anywhere near max refining capacity. It's just rubbish proffered by OPec as they want to keep the prices high. If they said 'yeah there's loads of oil, there's loads of refining capacity' the price would fall so they don't. They say there's hardly any left and we can barely keep up with demand so the price rises.
E85 is an alternative but morrisons have stopped selling it as there was little demand as only Morrisons were selling it.
What we need is one of the main petroleum lot to actually start stocking bio fuels and stop this nonsense with oil prices. Electric cars aren't really a solution as most of our generation power comes from gas at the moment and there is barely enough grid capacity to cover current electricity usage.
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>> I agree there is profiteering going on, I have seen the laden supertankers moored around
>> the UK for months waiting for the oil price to go up, but I believe
At what price did they fill up those tankers and at which price does it become profitable for them to sell rather than pay the costs of storing the oil?
I am profiteering from all the equities that I buy and stock up in my ISA hoping that one day they will rise in value to a level where I can sell at a decent profit. In the meantime I am losing a lot of money in commission and management charges, and losing the opportunity to buy oil and store it offshore in tankers. I am really envious of all those who are making $ £ millions and billions in profit that way.
Last edited by: John H on Sat 5 Mar 11 at 11:41
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>>well I doubt Libya is producing oil at the moment..>>
My understanding is that Libya only produces two per cent of the world's oil anyway.
Seen diesel at 138.9p around the Chorley area today.
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>> My understanding is that Libya only produces two per cent of the world's oil anyway.
That's about right as far as know, although it has been more in the past.
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>> suspect originates here
Correct CGN, Just heard a re-run, they were quoting Alan Duncan, the Governments International Development Minister.
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With gentle driving the Yaris is now averaging 60mpg, up from 57mpg...
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That won't make a great difference if fuel goes up 60p a Litre
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>> I have the news on as background noise, I am sure I just heard an
>> ex oil trader who is now something in government predicting the £2 litre in the
>> near future.
>>
He is making this prediction:
"$250 a barrel if terrorists attack oil tankers and reserves in Libya and the Middle East."
"$200 a barrel are “on the cards” if anyone is “reckless and foments unrest,” ".
My prediction is that the UK will grind to a halt if terrorists attack all the UK refineries, and ports and power stations. Also the world will end if Russia explodes all its nuclear bombs.
I am just managing expectations here, and my company will be profiteering from the doom and gloom that my prediction brings about.
Last edited by: John H on Sat 5 Mar 11 at 11:35
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Returned from Southampton yesterday (Friday) afternoon, the amount of traffic heading up the A34 was as hellish as a bank holiday, put an extra hour on the journey.
Little or no reduction in the speed of cars coming by, i wonder just how expensive the stuff will have to get before people curb their travelling, or indeed try to stretch the miles they get out of fuel.
LPG was 70p midweek, i imagine that will rise steadily too.
I have no doubt fuel will reach and surpass £2 a litre in the next 2 years, Derv was £138.9 on the A1 Newark area midweek, that's 8p a litre more than here 60 or so miles away.
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The mimsing has already started in the Midlands. Even more infuriating slow coaches doing 40 on wide NSL 60 roads and dawdling along empty duel carriageways at 55/60 in the outside lane.
A car costs far more in depreciation and finance costs than fuel for many car owners. Yet they moan about the cost of fuel when they've probably wasted £2k a year in owning the car in the first place.
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I agree with you, fuel is still quite cheap. I have worked out I spend £16 on fuel per 110 miles and that is city driving.
Not sure at what point things will get silly for me, but I could still afford £2 a litre, I would just have to charge £5 more for each job. It will cause inflation and those on a fixed salery will suffer the most.
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We worked out last night that getting up to £2 a litre would make an increase of about £40 a month on fuel for me - id rather not spend it, but I can rebalance my budget to absorb it, so it doesnt worry me, its just unfortunate.
Plus when I get my working tax credits, the government can pay for the extra, especially as the rise in fuel bills for my business means less taxable income, which then increases the WTC payments. Simples.
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I apply the same logic, the more tax I pay on fuel duty the less income tax I pay. It was the great thing about using the car for a business. However I would counter that argument by saying if I had a 9-5 job in an office I would not need a car in the first place.
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>> I agree with you, fuel is still quite cheap.
>>
>>
Eh?
Fuel costs extortionately more to buy at the pump than it does to extract and refine because of a punitive level of taxation that would cause riots in the streets if it were applied to other essential items. That is NOT cheap.
Re your later post on the reduction in income tax, that only saves you 23p (or whatever the tax rate is now) in every pound you spend on fuel, you are still very deeply out of pocket.
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Just wondering, isn't the postponed VED rise for high emission vehicles regd between 2001 and 2006 due to resume this year?
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>> A hint of fuel duty reduction:
>>
Is a hint worth any more than a politicians promise ?
Last edited by: Old Navy on Sat 5 Mar 11 at 20:12
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2 tier society coming again quickly
see pugs post about rickets, tin baths and cold running water with men and no shirts
coming to an area near you soon
get that gated society planning permission approved soon
jobs available for buddies that can work for dimes
free soup for co workers approved to wear braided apparell
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If petrol reaches £2 a litre in the near future then most people wouldn't be able to get to work and manufacturers wouldn't be able to deliver their goods.
The whole system would collapse. The government couldn't let this happen. They'd have to reduce fuel tax.
Last edited by: Chris S on Mon 7 Mar 11 at 12:23
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>> The whole system would collapse. The government couldn't let this happen. They'd have to reduce
>> fuel tax.
They could quite quickly introduce fuel duty rebates for hauliers, and leave joe public to pay the high price for fuel.
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If fuel reaches £2 per litre, then it will cost me more than £50 per week to get to work and back, and probably another £20 per week for other mileage. That would mean that I would be spending around 30% of my take-home pay on petrol. I would be better off on the dole.
Something has to be done soon to stop this. Unfortunately, I haven't the foggiest notion what...
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Yeah, its getting to the point where its almost worth me ditching my current job and getting a much lower paid job nearer home and boosting my income with some nice tax credits.
Not exactly the ideal solution but as the vast majority of the cost of fuel is revenue I'll only be withdrawing from the system I've paid into ;-)
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>> boosting my income with some nice tax credits.<<
Well, in a way, your saving the enviroment by reducing mileage, so think of it as an enviromental bonus credit.
I took a long time to come around to claiming tax credits, but when I see stories of people abusing the system, it does make me think that if Im genuinely entitled, I might aswell take them because nobody calls you a martyr for not doing so, that culture is long gone.
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if you are entitled, both morally and legally, why not take them.
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After watching Brian Cox discussing the death of the sun last night I don't feel so worried about global warming, sorry climate change, anymore!
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Lets look on the positive side.
I may be able to afford an Aston sooner than I thought.
Not go very far mind you.
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The £2 litre. - Iffy
