It isn't set to go down any time soon according to this BBC news article.
Petrol is set to go up to £1.20/litre, yet I quote, "the current oil price of about $80 a barrel is far below the $147 a barrel-high seen in the summer of 2008, the last time petrol prices neared £1.20 a litre."
Makes me think my lucky stars our local forecore is now the cheapest in the country at 111.9, which itself is still far more than we should be paying, apparantly!
Someone somewhere will be laughing their t*ts off with the money they're making from all this. As you rightly say, the price of oilis 80$, and "they" still see it ok to charge well over the odds for petrol.
Makes me sick tbh.
But, if they can get away with it, they will...and are.
I honestly can't wait until we're all driving around in hydrogen powered cars.
You can be assured someone/government will find a way to stitch us up on that too.Originally Posted by fafster
Hydrogen is only cheap because not many people want it, as soon as there is a real need to provide the stuff it will get taxed to hell like petrol and we will be paying silly money again.
D
In July 2008, the exchange rate from GPB to USD was 1.98*, making a $147 barrel worth about £74. Currently, the exchange rate is hovering around 1.51, making an $80 barrel worth £53.
That doesn't explain the price difference entirely, but it does explain part of it. The BBC article does in fact touch on this briefly at the end of the article, but obviously plugging 4 figures into calc.exe was too much work for the poor BBC journalist.
Exchange rate source: British Pound to US Dollar (/GBPUS) - Stock chart, Index chart - MSN Money
* Though it did drop sharply very soon after.
The farmers need to block the gates at the oil refineries again. its getting stupid!
Agreed, was the point I was making.
Losing a day's worth of petrol sales, or a few day's worth, isn't really an inconvenience for the companies though - people still use petrol the same, no one decides not to drive but to take public transport instead. All it means is that the money coming in is delayed a few days.
A real protest would involve people actually choosing not to drive for a few days, which would actually affect the revenue overall. Save a couple of week's worth of petrol money and buy a bike.
Probably true, but in the bigger picture a headline grabbing protest like that might provoke some government action with a general election coming up...
Just wait till we hit peak oil!
torledo (16th March 2010)
i know this - it costs me an extra £30 per month to fill upto the same amount
The problem with protests is that everyone rushes out the day before to buy enough petrol to last them a montheven the threat of protest is often enough.
Biggest myth ever. People say we're reaching that limit now, but no one knows what the limit is, and as highlighted a few weeks ago, alot of countries don't even have accurate data on how much oil is being used/extracted.
Tony has this spot on.
If a nationwide protest or rally was to be held now, the government would step in, its coming up to general election, and Gordon wants that magic bean that will just get him the popularity that he wants, this is defiantly for him.
Wouldn't surprise me if its more stealth tax from the Treasury trying to cut out deficit
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