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#226294 - 9th May 2008 10:33pm Oil Hits $126 A Barrel; 2.00 Per Litre By 2009!!
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
Originally Posted By: BBC News
Crude oil prices have hit yet another all-time high in New York, tipping beyond $126 a barrel.

Driven by surging demand and continuing supply fears, US light crude hit $126.20 in afternoon trade in New York, before falling to $124.78 a barrel.

Meanwhile, London's Brent crude also hit a fresh high of $125.68, before later falling below $125.

A report by Goldman Sachs has said the price of crude oil could reach $200 a barrel in as little as six months.

Despite the continuing rises in oil prices, producers group Opec reiterated its view on Thursday that supplies were adequate for the time being.

Ouch... diesel is going to hit 2.00 per litre by the end of the year and petrol is likely to follow it closely according to the peeps on Transaction.

This is getting out of hand!

BBC News Report

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#226297 - 9th May 2008 10:36pm Re: Oil Hits $126 A Barrel; 2.00 Per Litre By 2009!! [Re: MattLFC]
Mark Online   Reading


Wiki Master

Registered: 9th Nov 2003
Posts: 21001
Loc: Wirral
Roll out the summer Protests wink
Its just too much.....
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#226303 - 9th May 2008 10:45pm Re: Oil Hits $126 A Barrel; 2.00 Per Litre By 2009!! [Re: Mark]
Cali_16v Offline
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Registered: 17th May 2004
Posts: 6261
Loc: Birkenhead
Thats it im getting my push bike out.

good time to revive the car share topic for those meets and cruises ppl are going to
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#226326 - 9th May 2008 11:41pm Re: Oil Hits $126 A Barrel; 2.00 Per Litre By 2009!! [Re: Mark]
Brian Offline
Newbeee

Registered: 17th Mar 2008
Posts: 42
Loc: DownEast Maine, USA. Ex-Moreto...
Originally Posted By: Mark
Roll out the summer Protests wink
Its just too much.....


You should hear them whinging this side of the pond - and that's with petrol a fraction of what it costs in the UK. All the folks with the 6.8 litre pickup trucks are starting to look a bit sick. If we had your prices here, I think there *would* be a revolution.


Brian.

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#226358 - 10th May 2008 12:51am Re: Oil Hits $126 A Barrel; 2.00 Per Litre By 2009!! [Re: Brian]
Cali_16v Offline
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Registered: 17th May 2004
Posts: 6261
Loc: Birkenhead
1.10 GBP = 2.14951 USD
United Kingdom Pounds United States Dollars
1 GBP = 1.95410 USD 1 USD = 0.511745 GBP


So our prices per litre work out at 2.15 dollars roughly for unleaded, what prices are you paying now ???

Don't you work it out in gallons ???
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#226360 - 10th May 2008 12:55am Re: Oil Hits $126 A Barrel; 2.00 Per Litre By 2009!! [Re: Cali_16v]
MattLFC Offline
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Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
Yeah, ive seen how mad all the yanks are going about the high cost of petrol on WHT!! Some of them seem on the verge of murder cos of it!! They dont understand how we accept such stupid pricing!

I know someone in Cali who is paying $3.75 per gallon... which is like 1.90 lol! And that is diesel may I add, which is cheaper than "gasoline" in his area.

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#226381 - 10th May 2008 7:49am Re: Oil Hits $126 A Barrel; 2.00 Per Litre By 2009!! [Re: MattLFC]
Mark Online   Reading


Wiki Master

Registered: 9th Nov 2003
Posts: 21001
Loc: Wirral
For once we should just follow the French,
if we don't like it just block the roads and sod the rest
then strangely enough government will listen.
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#226393 - 10th May 2008 8:58am Re: Oil Hits $126 A Barrel; 2.00 Per Litre By 200 [Re: Mark]
chriskay Offline
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Registered: 25th Oct 2007
Posts: 4868
Loc: shropshire
Although petrol in the USA is a lot cheaper than here, remember when making comparisons that the US gallon is only 0.83 of a UK gallon, so it's not quite as cheap as it appears.
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Carpe diem.

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#226412 - 10th May 2008 12:32pm Re: Oil Hits $126 A Barrel; 2.00 Per Litre By 200 [Re: chriskay]
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
Well considering, in US gallons, the average cost of diesel over here is 121.4p x 3.78 which gives me a total of 4.59 when rounded up to the nearest penny, and my mate in Cal is paying just 1.90 for exactly the same thing, I know which id rather be paying, and I know who is being ripped off just because they happen to live in a certain country that is famous for ripping consumers off.

frown

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#226435 - 10th May 2008 4:35pm Re: Oil Hits $126 A Barrel; 2.00 Per Litre By 200 [Re: MattLFC]
Pomp Offline

Forum Veteran

Registered: 19th Aug 2005
Posts: 5253
Loc: Wirral
mmm with the petrol prices on the increase, the low litre car market may be boosted up in sales.
I could imagine more people buying 1.2 litre cars and its bad for business in the 4x4 market.
Maybe its one of the goverments tactics to decrease the 4x4 market?

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#226443 - 10th May 2008 6:16pm Re: Oil Hits $126 A Barrel; 2.00 Per Litre By 200 [Re: Pomp]
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
Lmao Pomp, the increasing cost of oil isnt actually anything to do with the government (for a change), it is due to a number of factors, including instability in the "oil nations", a very poor world economy, recent problems with the production of Brent crude and more demand than ever before from the likes of China and India, are putting extreme pressure on supply.

When the demand for a product outstrips the supply, pricing always increases. The same thing is happening with vegetable oil right now, the mass supplier to NW Biofuels have just put their pricing up by 5p per litre, which means their cost will be going up by 5p a litre to 97p to cover it.

A lot of petrol stations, especially Tesco, are profiteering on a massive scale too, their diesel and and petrol are biofuel based now, which in theory should mean a few pence per litre cheaper, yet they are actually a few pence per litre dearer!!

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#226722 - 12th May 2008 6:21am Re: Oil Hits $126 A Barrel; 2.00 Per Litre By 200 [Re: Cali_16v]
Brian Offline
Newbeee

Registered: 17th Mar 2008
Posts: 42
Loc: DownEast Maine, USA. Ex-Moreto...
Originally Posted By: Cali_16v
1.10 GBP = 2.14951 USD
United Kingdom Pounds United States Dollars
1 GBP = 1.95410 USD 1 USD = 0.511745 GBP


So our prices per litre work out at 2.15 dollars roughly for unleaded, what prices are you paying now ???

Don't you work it out in gallons ???



Yes, American prices are still in gallons, and an American gallon is slightly less than 3.8 litres. Prices here (northern Pennsylvania, not the most expensive) were $3.69 a gallon last time I filled up, so that makes it fairly close to $1 per litre.

I moved to the USA in 1997. The cheapest I saw petrol was in 1998, when my local filling station (admittedly it was about 800 yards from a refinery!) was charging $0.69 a gallon, so that's a factor of five increase in ten years. I remember the two quid gallon before I left the UK, so unless you're paying ten quid a gallon now, USA prices have FAR outstripped British prices when expressed as a percentage increase.


Brian.


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#226723 - 12th May 2008 6:25am Re: Oil Hits $126 A Barrel; 2.00 Per Litre By 200 [Re: MattLFC]
Brian Offline
Newbeee

Registered: 17th Mar 2008
Posts: 42
Loc: DownEast Maine, USA. Ex-Moreto...
Originally Posted By: MattLFC
Yeah, ive seen how mad all the yanks are going about the high cost of petrol on WHT!! Some of them seem on the verge of murder cos of it!! They dont understand how we accept such stupid pricing!

I know someone in Cali who is paying $3.75 per gallon... which is like 1.90 lol! And that is diesel may I add, which is cheaper than "gasoline" in his area.



California has some of the toughest emission standards of any state, and their petrol prices are generally that bit higher to cope with it. I wouldn't be surprised if they'd broken the $4 barrier for a gallon by now. So many things vary by state in the USA, even the chemical composition of the petrol!

Brian.

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#226779 - 12th May 2008 12:58pm Re: Oil Hits $126 A Barrel; 2.00 Per Litre By 200 [Re: Brian]
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
Originally Posted By: Brian
The cheapest I saw petrol was in 1998, when my local filling station (admittedly it was about 800 yards from a refinery!) was charging $0.69 a gallon

Its a shame the same thing doesnt happen at the Shell just down the road from Stanlow; they are consistently "not" the cheapest petrol station on the Wirral.

frown

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#226813 - 12th May 2008 3:46pm Re: Oil Hits $126 A Barrel; 2.00 Per Litre By 200 [Re: MattLFC]
Brian Offline
Newbeee

Registered: 17th Mar 2008
Posts: 42
Loc: DownEast Maine, USA. Ex-Moreto...
Originally Posted By: MattLFC
Originally Posted By: Brian
The cheapest I saw petrol was in 1998, when my local filling station (admittedly it was about 800 yards from a refinery!) was charging $0.69 a gallon

Its a shame the same thing doesnt happen at the Shell just down the road from Stanlow; they are consistently "not" the cheapest petrol station on the Wirral.

frown


The difference may have been that there was a research centre next to the refinery, and it had its own small distillation plant within the refinery. Popular rumour among the research staff was that the garage got any useable output from the experimental rig. My contract there only lasted 18 months, and I never found out for certain, but the rumour was widespread.

There used to be a queue at that garage most times I filled up there, so I suspect it was the cheapest for some distance around. AFAIR there were 16 pumps on the forecourt, but the fact that it was *illegal* to pump your own in New Jersey (in those days?) slowed things down a bit. No, I've no idea why, but the attendants had to do it for you.


Brian.

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