Oil to be under $100 a barrel?

[Silver993tt]

Oil down nearly 25% from a couple of months ago. Does it look like it will drop to under $100 a barrel? Stronger USD has had some influens on the drop but mots of it seems to be slump in demand.

[tonyvid]

I dont' know but I do know that petrol has gone up 2ppl around my way in the last week(£1.15 on average), how does that work when the barrel price is almost a 1/3 lower than june?

[m4tthew]

Yep, couple of stations near me have put it up 1p per litre over the last week

[Puff Puff]

And as it gets cheaper, demand will rise and so will the price.

(It's gone up 1p a litre here since last week).

[The Ben]

bacuse they are greedy bds who collude with each other!!! grr

[LeeME3]

Wasn't there a short term jump due to fears over Gustav?

Read somewhere recently that the price is expected to fluctuate in the $90-$110 bracket for a while to come, not sure of the provenance of that though.

Ever noticed that heating oil prices vary a lot quicker in response to world oil prices? Is this due to a shorter supply chain or is that market constructed differently to vehicle fuel?

Edited by LeeME3 on Tuesday 2nd September 11:19

[kprm77]

$107 at the moment - what was it before - $140+? Gone up where I am too. Assuming the price was £1.19 per litre, it should now be £0.90 per litre if it dropped by the same percentage.

[black1]

brent crude is now $104 a bbl down $6 but my local tesco has just gone up 1p a litre to 112.9

no other garage in town has put the price up

rip off tesco !

[Baby Huey]

How many gallons are there in a barrel, and how gallons of petrol/diesel would that make?

[crossle]

m4tthew said:

Yep, couple of stations near me have put it up 1p per litre over the last week

Oil company pays in dollars, you pay in pounds. Pound sliding in value against dollar and Euro. Do the math! (as they say...)

[Chilli]

Gustav was the latest reason for a climb. It'll be back roubnd the $100 mark, untill the next rise on the back of the Russia/Georgia saga. Back up tp $120, before spending a long period around the $100 mark again.

Then again, what the feck do I know.

[Fittster]

Shame oil is priced in dollar when we have pounds.

[mat205125]

I hope it doesn't fall too quickly as the 2nd hand value of larger engined cars will then stabalise. Keep it high for a few more months, until I get something new in the new year, then let it crash

[minimax]

Baby Huey said:

How many gallons are there in a barrel, and how gallons of petrol/diesel would that make?

hmm, I seem to remember 80 gallons to a barrel?


:runsawaytogoogle:



nope! I am way off:

google said:

How many gallons in a barrel of oil?
In: Volume


Answer
There are 55 gallons in a drum and 42 gallons in a barrel. Originally there were 40 gallons to a barrel however, that was changed in the mid 19th century to give a little extra so consumers wouldn't feel "cheated".

A little over 23 gallons of gasoline can be refined from a barrel of oil. Other products (jet fuel, lubricants, etc.) make up the rest.

Edited by minimax on Tuesday 2nd September 11:49

[Morningside]

I believe the Government is going to make some announcement with regards to fuel prices.

[crossle]

Morningside said:

I believe the Government is going to make some announcement with regards to fuel prices.

They've abolished stamp duty on super unleaded....

[jeevescat]

Getting there

http://news.bbc.co.uk/1/hi/business/7593597.stm

[rev-erend]

So why are the domestic gas and electric prices still going up..

[crossle]

rev-erend said:

So why are the domestic gas and electric prices still going up..

The fuel (oil & gas) prices you see quoted are daily "spot-market" prices.

The energy companies contract to buy gas and oil at long-term "future" prices.
You're paying for decisions made by commodity brokers months ago...

[Jasandjules]

You're paying huge amounts of tax.
HTH.