J4CKO

iTrader: (1)

And £8 for petrol (source Autocar)

Is it scaremongering or the end of transport as we know it ?

Where the **** does all this money go !!!!!

Already massively rich Russians and Arabs, BP shareholders etc ?

Why is it, fuel goes up every time something happens, regardless of what it is, there is no event that causes it to come down, its going to make the goverments cut look reasonable in comparison.

Anyone else having trouble to convince their partner that a 30 mile round trip for a kids party present isnt an essential journey or driving 10 miles to save a quid is not really a good idea, my missus seems to go shopping almost every day, "I am just nipping to the Trafford Centre", John Lewis etc etc, why make one trip to do some errands when you can make 3 separate ones.

Sonic'

Its to drive us all off the roads

Petrol is so expensive because Oil prices keep going up and no wonder the Arabs are running out, have you seen how many barrels of oil it takes just to run that ski resort they have in Dubai ?

3500 barrels a day

Luminous

iTrader: (3)

its never going to come down in price. We are dependent on other countries selling their oil to us. They will sell it at the best price they can get. So unless you find some nice large pools of oil, your going to have to pay....well until your car can be powered on cow farts.

Snazy

Well Goldman Sachs are predicting $200 a barrel for oil. This was previously laughed at by the markets, but a few months back they predicted $125 a barrel and voila...

So with that in mind, I reckon there could yet be bigger hikes.

J4CKO

iTrader: (1)

How is it we drill oil in the North Sea yet are so Dependant on other sources, is the output so low, I have heard its coming to the end of its life but its still producing ?

Still amazing where all this money actually goes.

Sonic'

crikey that 3500 barrels of oil a day equates to 122,500 gallons a day

a lot of sources have stated that oil will be $200 a barrel soon

It is the beginning of the end of motoring as we know it I reckon

Snazy

They will keep saying its running out, and keep raising the prices, and reaching for the harder to get stuff, so im guessing it will last for a while yet.

The irritating part is even when renewable fuels are more common place, suddenly the taxes will destroy the pricing on that too.
LPG is the "cheap" option at the moment, and looks to stay that way for a while. While im driving older cars at the mo, I might look at it.

FlightMan

I read in the Times a week or so ago that a city analyst who predicted these prices 18 months ago, and was laughed at, is predicting they'll be under $100 a barrel within 12 months.

Fingers crossed.

cookstar

iTrader: (6)

I once read that this is all sold/exported as it's a higher quility, leaving us to import lesser quality oil.

mannyo

Not just motoring, it will be the end of the UK/European economy as we know it.

High inflation, high food prices, high prices in everything caused by the increased transport costs. Its already happening, look at the current inflation figures.

The economy cannot take much more before it falls into recession.

Then their is the fuel itself, around my way drive offs without paying are on the up, theft of fuel from cars is on the up, which is more frustrating because they now drill the bottom of the tanks to get the fuel out.

Luminous

iTrader: (3)

I know the North Sea oil is nearly all exported, although I don't know why. I can only guess cookie is right on the money there.

We do have some reserves of oil, some also in the Falkland isles, and I believe we were trying to stake some claim on the oil under the Artic. However, costs to get to these resources are high, so we will only use them in future years.

Oh and yes, North Sea oil is running out as we know it. Only the much harder to reach deposits are left

kingofturds

iTrader: (1)

Maybe we need to **** the pc media, invade the oil rich countries, I am sorry but I would rather leave my son and provide him with a future. We gave those oil rich countries away once we cannot do it again

cookstar

iTrader: (6)

rebuild the empire

CharlesW

Don't blame the oil producing countries for the the price of oil. The price of oil is determined by the markets. Normally the price of something is determined by supply and demand. When demand exceeds supply the price increases and vice versa as demonstrated by the housing market. However the situation with oil is more complicated.
At the moment there is not an actual problem with supply. Shell have recently said that they can see no real reason why oil is more than $80/bbl.
However there is a market in oil futures, so you have speculators using oil futures as an investment vehicle. When you buy futures you are just making a contract to buy the oil in the future for a price on which you think you can make a profit. Everyone is betting the price will go up. That is why we are paying so much for oil. Hopefully everyone will get their fingers burnt, just as they did with the dotcom boom, the lending boom and every other bubble before.

kingofturds

iTrader: (1)

I am sorry but we were destroyed for explointing the vulenerable! How things have changed I am scared for the future of my son, it is unfair for Asians to be overseen by 50 million but it is fine to be t the mercy of 2 billion asians

FlightMan

Read the post above yours. The only people your " at the mercy of " is city types who just want another " Aston in the garage, what what "

Luminous

iTrader: (3)

fundamentally, if we don't find a replacement for oil the west will be the next 3rd world country(ies). We totally depend on a resource that we don't own in great quantity. Yes we do have some reserves, but not nearly sufficient.

Our only hope is to find an alternative fuel source that we have in abundance, or that can be made. Otherwise will be held to ransom. Lets not forget Russia has massive reserves of oil, and are currently rebuilding their armed forces. They are not a nation that can be invaded to take their oil. By the end of my life they could once again be the dominant super power.

greenonedave

If you work on the premise that at the pump petrol prices are around £5.00 per gallon ( just for aguments sake) and that 80% of the price you pay is tax then the actual fuel costs are £1.00. at that ratio $200 for a barrel of oil would be £2.00 for your gallon The price of fuel is not the problem.
Last year I was in Oman fuel was 20p per litre, the government in Oman do not over tax this product.
Its the taxation revenues creamed off by this government that make the figure so high

Sonic'

If the price of fuel is not the problem, then why do the governement only increase the tax once a year, and that the constant 2p increase every couple of days is actually due to the cost of oil

We should invade the US and take all their reserves, are they waiting till the rest of the world run out before using their own ? and then sell it for massive massive profits?

Im with KoT on this, there doesnt seem to be much future for my 5 month old son the way things are heading, at least not in this country

For the first time in 21 years I voted the other week, to at least do my part to try and stop the f*ck up that is happening, sadly although my vote did count the same party got back in, but only by 2 seats this time

kingofturds

iTrader: (1)

You are so right have a great big mother ******* cigar sunshine

Petem95

Whats worrying IMO is that this is due to basically more competition for reasources.

It's not just western countries buying most of the oil now, its China, India etc who all want to live Western lifestyles like us (and who came blame them for wanting that?) but there aren't enough resources to go around....

IMO this is going to lead to major wars breaking out over resources. Iraq was probably a lot about oil, but there will be other wars too. Western countries wont give up their advantage without a fight (US certainly wont)

£8-9 gallon will be the reality if oil prices hit $200 as predicted. That sort of price will really hit things. We'll be in for one hell of a recession if that happens. I'm already looking at moving close to work due to fuel costs, but that sort of increase will make me start driving like miss daisy as well!

PeteBrant

A lot of it is down to the weak dollar. People are trading in commodities rather than currency at the moment, which pushes the price up.

mart360

£90 to fill a tank, be here sooner than you think.


it used to cost me £45-50 notes to fill the diesel last year on average.

i filled uptonight


£62!





thats not per year, thats every fortnight.

and what does billybob do? a token 10p to the populous.


the price of petrol will cost him & any respective future partys there election as well.

mart

Ringpeas

We all new this day was coming, it has just got here a bit quicker than we thought.
A world recession might slow the price rise for a while, but not for long.

Electric cars - here we come

coolangatta

Most recent figures I could find;

Oil - production:2.075 million bbl/day (2004 est.)
Oil - consumption:1.827 million bbl/day (2004 est.)
Oil - exports:1.956 million bbl/day (2004)
Oil - imports:1.654 million bbl/day (2004)
Oil - proved reserves:3.87 billion bbl (1 January 2006)

Only 0.119 million bbl/day (119,000 bbl/day) not exported.

BargainGirl

This is when the high tax on petrol actually eases the impact of the worldwide oil price increase, perversly.

Personally, £15 a gallon would empty the roads and make the travelling so much more pleasurable.

davegtt

Hmm, trying to remember who I had a bet with that petrol will not be £2 a litre (or was it £1.50 cant remember) by the end of this year. Think it was Chief but not sure. Hope its all scare mongering

PeteBrant

The only thing thwe government coul dpossbily do is have a variable rate of VAT on petrol. And I'm not even sure that's legal.

Fuel Duty is 50p per litre. He can't drop it, and they have deferred the 2p rise till october (I have a feeling that may not happen if petrol prices continue to rise).

If oil his $2.00 a barrel then the cut can only come from one place- The oil companies. It will be a tempororary measure, once the Dollar comes back (whcih it will, eventually) then you will see the price of oil drop.

stilover

Why should the oli companies be responsible?

We pay what we pay because of Tax, both Duty then VAT.

I agree that the Government should have a variable Duty rate so Petrol doesn't go over a certain price. Maybe a understanding with the oil companies could help things further, but as 2/3 of every pound spent at the pumps goes to the Government, it's the Governemtent that needs to do something.

Afterall out of the 33 pence Shell get from the pumps they have the costs of finding, extracting, refining, distributing the fuel. The governments percentage is pure profit.