[Garfield 2]

I was just listening to the radio and it has been mentioned that in the next two weeks prices of fuel are going up by 30%.
In Ireland it means €2 per litre of fuel (almost $3 per litre!)
This is going to happen due to the recent riots in Libya...
Not only Europe will be affected! The whole price of crude oil is gonna go up in the next two weeks!
I'd suggest store as much fuel as you can while it's still cheap.

[Fresh_K]

Im Sincerely f*cked then. Prices are high already and they want to raise it. f*ck it Im moving to USA.

[Garfield 2]

That was on 98fm btw.

[κενιη]

Funny considering that Libya only supplies 2% of the oil produced.

Its all bullsh*t and speculations by folks who think anything bad happening in the world is a good reason to jack up the price in the name of profit instead of actual oil shortage worries.

[Garfield 2]

QUOTE (κενιη @ Feb 24 2011, 01:10)

Funny considering that Libya only supplies 2% of the oil produced. Its all bullsh*t and speculations by folks who think anything bad happening in the world is a good reason to jack up the price in the name of profit instead of actual oil shortage worries.

2%?

The whole southern Europe gets oil from Libya man! That's much more than 2%!

[κενιη]

No...I was wrong. Just saw it on the news earlier and I was running with it. The actual number is closer to 5%




BTW: Southern Europe is not a major consumer of oil. Just look up the facts on oil production and consumption geographically.

This post has been edited by κενιη on Thursday, Feb 24 2011, 03:06

[Pico]

I was just discussing this with my roommate the other day. Those who have influence on the price of oil take any chance they get to raise it. Wait until Obama farts on TV, it'll be nuts. We'll be paying 3 times as much for gas.

[κενιη]

I liked how the news folks did interviews with folks who were "in the know" about why prices are going up. They basically said "If Libya's government is close to and/or being overthrown, what is stopping countries like Iran, Saudi Arabia, and Algeria from doing the same?" as if that was a logical explanation to it all.

[chris]

I might just buy a motorbike.

[Black-hawk]

Aw f*ck I hate mass transit. Goddamit.

[JayC]

The price of oil will go up 30%, not the price of petrol. It will rise but it won't be the by the same percentage.

[Dup]

When oil goes up in price, fuel immediately goes up. Want to know the worst bit? The fuel at the pumps the day oil prices go up is made from the cheaper priced oil but they put the price up straight away anyway. Nice way of earning £££ by the fuel companies.

This post has been edited by Dup on Thursday, Feb 24 2011, 12:51

[sivispacem]

QUOTE (JayC @ Feb 24 2011, 11:42)

The price of oil will go up 30%, not the price of petrol. It will rise but it won't be the by the same percentage.

Oh, you're quite right. A 30% increase in crude prices that was passed onto the consumer (most of the fluctuations aren't) would result in a far higher than 30% increase in the cost of fuel, as some of the duty is raised based on the price of processed fuel- so the higher the price, the higher the duty. Hence why there's quite a large push towards implamenting a flexible fuel duty system which maintains a stable price per litre by fluctuating the total duty.

[Tommy-Vercetti19]

Pretty gay, sure going home from work i seen on the garage in Ballyfermot that Petrol was 1.60 a litre, and Diesel was around the same.

[AmyJones]

It is $3.36 a gallon here in the midwest USA.

[κενιη]

QUOTE (AmyJones @ Feb 24 2011, 22:33)

It is $3.36 a gallon here in the midwest USA.

It is around 3.27 here north of Pittsburgh.

[Desmosedici]

Yeah, I've noticed a 20-30 cent increase in gas over the past couple weeks. Not very happy about that.

But, whenever I get down thinking about it, I laugh to myself at all the Englishmen and their silly gas prices. HAHA

[sivispacem]

QUOTE (Desmosedici @ Mar 1 2011, 05:12)

Yeah, I've noticed a 20-30 cent increase in gas over the past couple weeks. Not very happy about that. But, whenever I get down thinking about it, I laugh to myself at all the Englishmen and their silly gas prices. HAHA

Laugh all you want, I see yours reaching similar levels in the none-too-distant future.

[Garfield 2]

QUOTE

Forstly, ignore news about New York oil prices - here in Europe the heavier Brent oil is used and this is trading at a $8 permium to New York crude. For journalists reading this, please quote Brent oil prices to ensure accurate reporting. Just to give a proper comparison - at its very highest in 2008, Brent crude reached $145, but the dollar/euro rate was $1.60 - in euro terms the price was €90.60 / barrel. Today, Brent is trading at $99 and the dollar rate is $1.31 which equates to €75.50 / barrel - so not a huge difference in the raw material cost. The pump difference is made up from successive duty & carbon tax rises. In a worst case scenario and oil jumped by a further 20% to $120 and the dollar satys as is, the forecourt price would only rise by 8% as Duty, refining costs & distribution costs will remain relatively static.  So while you'll hear some people talk about a €2 forecourt price, Oil would have to jump to $200 before this would happen. In the medium term, the world can't sustain these higher prices. There is no shortage of oil despite what some green agenda people may suggest. Brazil is now awash with oil after some mega recent finds as is Iran, Iraq & most of middle East. Food shortages and higher food prices which will be exceberated by the higher oil prices (oil makes the world go round) will dampen down world ecomonic growth and may in particular affect China. - And if the Chinese economic bubble bursts as many are predicting, oil prices will crash. - If China has a soft landing (where did I hear that phrase before??) oil prices will drop back too. In a few weeks, once all the weather and poipline related issues are out of the way, we should soo normality come back to the market and prices drop back to the low $80. If you are buying home heat - I'd just buy half a tank for now and hope that by the time you need more, prices will have subsided.

[Garfield 2]

I hit the f*cking barrier on my petrol station.

€1.51 / litre of petrol
€1.46 / litre of diesel

For US folks - it's around 7.5 dollars per gallon...

€5.66 per US gallon, so it's 5.66 Euros = 7.868532