Barrel of Crude Oil goes DOWN!

  The Brigadier 10:08 06 Jun 2008

Yep, the cost of a barrel of crude oil has fallen.
But seems the oil companies are not to keen on passing the saving on to the consumer.
High price = more profit.

  jolorna 10:24 06 Jun 2008

i have not noticed it go down or if it has very little
Commodity Last Pct Chg Trade Date/Time
Oil 128.97 +1.11% 06 Jun 2008 05:10

  charmingman 12:04 06 Jun 2008

Err i hate to spoil your thread Brigadier but...

click here

Seems its not just us thats getting hammered...Basicly we will NOT be seeing a decrease on the price...

  charmingman 12:07 06 Jun 2008

Err looking at my link i think i might of got the wrong end of the stick..Doh...Sorry

  Covergirl 12:38 06 Jun 2008

Maybe if the Government could reduce the %age of tax it charges on fuel in the UK . . . ?

One way to compensate for the lack of revenue would be to reduce the wages and allowances of the mega-rich members of the government and then stop all these stupid uneccessary Arts grants.

That should save some money.

Any more suggestions on cutting government spending to pay for the tax cut on fuel ?

  Stuartli 14:47 06 Jun 2008

Same with diesel prices apparently:

click here

  Stuartli 14:48 06 Jun 2008

It does take a few days for prices of crude oil, whether up or down, to affect the cost of fuel at the pumps.

  pj123 16:22 06 Jun 2008

Does it matter whether the price goes up or down?

What price (at the pumps) would you decide that it's enough. I am selling my car and not driving anymore?

£2 a litre, £3 a litre. I would suspect most of us would just keep paying to use our car.

When I first started driving petrol was 4 gallons (about 20 litres) for a £1.

  Forum Editor 16:29 06 Jun 2008

you need to understand a couple of things:

1. The price of oil fluctuates all the time.

2. Today's price very much depends on futures contracts bought some time ago - if in say, June of last year there was an expectation that oil prices would be high at this time they probably will be, because last June people bought futures contracts, based on that expectation.

3. The price of oil on a week to week basis has little to do with its scarcity as a resource, and everything to do with supply and demand. For the past five years or so the supply of oil - that's the amount that is pumped at the well-head - has remained more or less fixed, but demand from countries like India and China have risen considerably. In the medium to long term this indicates that oil prices will steadily rise.

  laurie53 21:03 06 Jun 2008

Regarding arts grants and theatres, why should we subsidise the arts?

No-one, except advertisers, subsidises my computing, or my satellite tv.

Let those that want art pay for it and put the money to the greater good like medicine, railways, post offices and the like.

  ulrich 22:14 06 Jun 2008

Seem to me a tad too high, especially when I do not see where it's going.

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