Boro

iTrader: (1)

1983 36.7
1984 38.7
1985 42.8
1986 38.2
1987 37.8
1988 34.7
1989 38.4
1990 40.2
1991 39.5
1992 40.3
1993 45.9
1994 48.9
1995 50.9
1996 52.9
1997 57.9
1998 60.9
1999 61.9
2000 76.9
2001 77.9
2002 69.9
2003 77.9
2004 77.9
2005 79.9
2006 88.9
2007 95.9
2008 118.9

Gone up a bit hasnt it!!!

boxst

Interesting if you map it at 4.5% inflation ..


36.70 1983
38.35 1984
40.08 1985
41.88 1986
43.77 1987
45.73 1988
47.79 1989
49.94 1990
52.19 1991
54.54 1992
56.99 1993
59.56 1994
62.24 1995
65.04 1996
67.97 1997
71.02 1998
74.22 1999
77.56 2000
81.05 2001
84.70 2002
88.51 2003
92.49 2004
96.66 2005
101.00 2006
105.55 2007
110.30 2008


Steve

PeteBrant

It needs to be index linked to inflation to be meaningful. There was a table in one of the petrol price threads.

For example, in real terms, petrol was cheaper in 1989 than it was in 1983.

Regardless, todays price is the highest it has ever been in both actual and real terms measures.

mart360

What i cant understand, is why is a commodity that has been readily available, for many years suddenly shot up in price?

lets face it theyve been extracting, cracking, & delivering fuel for years, so why the massive increases?

Gas is going the same way, why? has the gas come from lama sh*t which is so rare it makes gold seem like copper


Mart

what would scooby do

Maybe it's opec's revenge for middle east incursions by the USA (terrorism failed so they are now using economics to destroy the western world)..


p.s. I predicted a long time ago the biggest terrorist threat to the west was if they stopped electricity production

Terminator X

iTrader: (7)

^^ Agreed! Why recent huge hikes? We've got a further 40yrs of supplies worldwide too.

TX.

PeteBrant

-Demand is at its highest ever. - When demand is high and supply is high, the price is high. Supply/Demand curve stuff.

-The weak dollar means investment and speculation in commodities is much much higher, thus puching up the price.

Paul3446

Diesel is 130p in England and 99p in Ireland, but remember, it's because of global oil prices and not tax!

PeteBrant

Well it is really.

The Fuel Duty is unchanged from last year, and the increase in VAT take is 4p per litre.

Not saying that UK fuel tax take isn't high, just saying it's not the primary cause of the recent rises in fuel

stilover

That's rubbish.

They were saying 40 years left, 20 year ago.

I was watching a program years ago regarding oil supplies. Take your average oil field. We are only able to extract say 10% of what the field holds, as the rest is too deep to extract. So they move on.

New technologies will allow us to go back to old oil fields and extract more.

40 years my *rse.

If it was really that, there'd be a lot more panic than there actually is. Think about it. If oil was to run out, the world would come to a stop. 40 years is nothing.

Kieran_Burns

iTrader: (1)

It really has got nothing to do with supply and demand. It's actually the futures market.

People are investing in long term futures and are looking to make money for the funds that they manage. At the moment Oil is an excellent profit making resource so the money has moved into it. Sooo... investors want profit, investors bull the market to get profit. Sod the rest of the World and the fact that people are being priced out of basic commodities.

PeteBrant

Well there is an element of supply and demand. Supply hasn't significantly increased in the last 5 years, but demand has. That's going to have an effect.

There are lots of factors as to why the price has gone nuts. You can't just single out one of them, because on its own, it's not enough. Its the "perfect storm" scenario.

lozgti

Pah! I remember sitting in aclassroom in my short trousers,sometime in the mid 70's listening to the teacher tell us we only had a few years of oil left.

As to the reasons,Reuters are saying no one really understands why and it is a bit like the Dot Com bubble

J4CKO

iTrader: (1)

The oil will see me out I suspect, look at the sands mining going on, what they meant before was there is twenty years of "low hanging fruit" the rest is too difficult to be worth getting, too deep, to embedded in sand etc but now its worth extracting, its like on Chritmas day you eat all the Strawberry creams, Boxing day the Caramels and New Years day all thats left is the Coffee Creams, so imagine that the worlds oil is a few Strawberry creams and caramels we ahve already troffed only to realize that this box of chocolates has another 40 or 50 layers all stuffed with coffee creams !

I also agree that specualtion is part of it, big business has buggered the dollar and the housing market and is now looking for its next victim, plus a lot of Opec member arent going to be that benevolent to the US and UK as we tend to go and bomb f*ck out of anyone that p1sses us off, so any way they can have a go back, why not.

Terminator X

iTrader: (7)

BBC NEWS | Business | The world's overflowing oil reserves?

TX.

PeteBrant

A lot of Opec members are going to try and keep the price high, because their entire encomony is built on a finite resource. Hence the creation of the things like Palm Island. A direct effort to try and create revenue from other sources.

J4CKO

iTrader: (1)

Yes, and they do very well on it, well at least a few individuals do, look at Nigeria, massive poverty and deprivation yet a lot of oil wealth.

wayne9t9

FACTBOX - Why oil prices hit a record high above $139 | World | Reuters

Leslie

5.506 1957

And that was for the 100 octane stuff!

Les