Oil now heading down to $100 Barrel!

  wids001 15:05 02 Sep 2008
Locked

I see that oil is nearing the $100 a barrel mark having dropped $10 since Friday.

I don't suppose for one minute that this will be reflected here at the pumps in the UK. When oil reached $100 barrel on the way up, petrol was just hitting £1.00/litre.

Of course with the pound losing ground against the dollar we'll probably see the price of petrol go up!

  charmingman 16:51 02 Sep 2008

nope it wont is the simple answer, our goverment is butt greedy...or the petrol stations are one or both of them...what a wonderful world we live in eh...Also in today's News "The Dreaded recession" almost guaranteed to now happen before the end of this year click here
My father in law owns a quiet family village pub & he's almost on his knees, he's basicly working on his own now 6 days a week even on a friday as he simply cant afford to hire any staff....i feel sorry for him as he's worked VERY hard to get where he is now....i spoke with him two weeks ago & he said is almost certain to go "Under"..Very Sad....

  oresome 20:18 02 Sep 2008

No doubt there are inflationary pressures in the rest of the refining and supply chain for fuel. Couple this with a fall in vehicle miles due to family finances being under strain and you can see that there's a balancing act between turnover and profit.

  Quickbeam 12:57 03 Sep 2008

I won't hold my breath for fuel to drop below £1 a litre again.

  GANDALF <|:-)> 13:46 03 Sep 2008

'Petrol retailers are as anxious as anybody to see trade improve and they'll rush to get a feel good factor going'..what planet are you on? When oil goes up the retailers put up petrol immediately; when oil goes down they are most reluctant to drop the price. Like estate agents, they are legalised robbers.

G

  dms_05 17:24 03 Sep 2008

Petrol retailers are at the very end of the long chain from oil in the ground to petrol in your car. In general the retailer has to respond to price changes imposed by his own supplier, the oil company. In some cases the oil company is also the retailer but not always, as in the case of the supermarkets.

Two important factors at the moment (a) the value of the £ vs $ whereby a fall in $ priced oil can still lead to an increase in £ terms (b) it's the end of the N Hemisphere holiday season and petrol/diesel consumption drops at this time but winter heating oil demand rises. Petrol consumption has definitely fallen but will people actually turn down their heating in the winter? So will demand rise or fall this autumn? Who knows?

  egapup 17:27 03 Sep 2008

Will they drop the price of gas and electric now??

  GANDALF <|:-)> 19:15 03 Sep 2008

'Even estate agents are, at the moment, trying to find ways to cut their fees to encourage more business in a weak market'..they have been shafting people for years and now they are getting their just desserts. IMHO

  Pesala 20:38 03 Sep 2008

click here

200 kms for 1.5 €

  lofty29 23:09 03 Sep 2008

It seems to me that when the pound is weak against the dollar the price goes up, when the pound is strong against the dollay the price goes up, when the price of oil goes up, so does petrol, gas, and energy, when the price of oil goes down, petrol stays more or less the same, but the price of gas, which is tied to the price of oil, still goes up, and so does the price of energy. Whats the betting that the oil companies and energy companies all announce record profits again

  [email protected] 23:19 03 Sep 2008

Not long ago (perhaps a month or so ago), petrol at my local station was £115.9.

Then it dropped to £110.9 and stayed there for about a week.

Then it dropped to £1.08.9 and has remained at that ever since. I would guess that's been about 3 weeks now.

I must admit I don't think I am being too naive to think that it may drop again if the price of oil continues to fall. The Petrol Station in question, by the way, is Shell.

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