Crude Price - What's Next?

[Jimbeaux]

Crude ended at $46.96 yesterday. The ME producers are debating amongst themselves about more cuts in production. They stated that oil at $75 is a "good price". "Experts" say that to achieve that, cuts would have to be made that are improbable. My state is a huge crude oil producer, therefore this is a double-edged sword for me. However, I am smiling at $1.69 /gallon petrol.

[zcacogp]

Haven't watched the charts, and didn't know it was so low at the moment. Of course the producers will be bleating about cutting production, as it will put more money in their pockets. But, like you, I can only see lower fuel (and gas, and heating oil) prices as being a good thing

Jimbeaux said:

However, I am smiling at $1.69 /gallon petrol.

... we just aren't that jammy though. That'll be just over a pound a gallon. Jammy sod.


Oli.

edited to add a smiley. Looked too harsh without!

Edited by zcacogp on Wednesday 3rd December 12:23

[Graham E]

I hear Jiom Davidson is flogging crude at 15 pound a ticket..

[JVaughan]

Well, a sub £1 litre pump price would'nt be fair on the governemnt in this country would it ?

Oul at sub $50 a barrel should mean 70 -90p at the pumps ... but does it fk !

[youngsyr]

Possibly the only reason that higher oil prices could actually be good for the average member on here is that it encourages investment in alternative fuels and improving the efficiency of new cars that do use the current ones.

If fuel prices drop dramatically due to recession and no-one invests in these technologies for a few years, when we do come out the other side and demand goes back up, prices will go through the roof and there will be a time delay before the necessary technology can be developed.

[Hyperion]

Do they really sell oil in barrels...or is a 'barrel' some sort of measurement or specific quantity?
How many gallons is in a 'barrel'.

Sorry for the thread hijack, but I've always wanted to know this.

[JJCW]

JVaughan said:

Well, a sub £1 litre pump price would'nt be fair on the governemnt in this country would it ?

Oul at sub $50 a barrel should mean 70 -90p at the pumps ... but does it fk !

I filled up at 88.9 this morning

[im]

Jimbeaux said:

...However, I am smiling at $1.69 gallon petrol.

You utter utter bar-steward

[Fats25]

JJCW said:

JVaughan said:

Well, a sub £1 litre pump price would'nt be fair on the governemnt in this country would it ?

Oul at sub $50 a barrel should mean 70 -90p at the pumps ... but does it fk !

I filled up at 88.9 this morning

So did I!

[Jimbeaux]

JJCW said:

JVaughan said:

Well, a sub £1 litre pump price would'nt be fair on the governemnt in this country would it ?

Oul at sub $50 a barrel should mean 70 -90p at the pumps ... but does it fk !

I filled up at 88.9 this morning

Well, there you go then!

[youngsyr]

Hyperion said:

Do they really sell oil in barrels...or is a 'barrel' some sort of measurement or specific quantity?
How many gallons is in a 'barrel'.

Sorry for the thread hijack, but I've always wanted to know this.

Barrel is a measurement, from Wiki:

"The standard barrel of crude oil or other petroleum product (abbreviated bbl) is 42 US gallons (34.972 Imperial gallons or 158.987 L)."

Oil is transported around the world in tankers that carry millions of barrels (quantity, not physical objects) of oil in vast oil tanks in their holds.

[stinkysteve]

Hyperion said:

Do they really sell oil in barrels...or is a 'barrel' some sort of measurement or specific quantity?
How many gallons is in a 'barrel'.

Sorry for the thread hijack, but I've always wanted to know this.

I assume it's a standard barrel - a 205 litre drum but I stand to be corrected.

ETA. I was corrected!

Edited by stinkysteve on Wednesday 3rd December 12:44

[N10k]

http://www.petrolprices.com

UK Petrol Prices for
Tuesday 2nd Dec 2008
Avg. Min. Max.
Unleaded: 91.2p 87.9p 101.9p
Diesel: 106.5p 101.9p 121.9p
LRP: 101.8p 99.9p 99.9p
Super: 98.3p 91.9p 113.9p
LPG: 52.3p 45.9p 65.9p

[im]

N10k said:

http://www.petrolprices.com

UK Petrol Prices for
Tuesday 2nd Dec 2008

	Avg	Min.	Max.
Unleaded	91.2p	87.9p	101.9p
Diesel	106.5p	101.9p	121.9p
LRP	101.8p	99.9p	99.9p
Super	98.3p	91.9p	113.9p
LPG	52.3p	45.9p	65.9p

Shame we cant get the equivalent US figures...just to really p1ss us off...

[randomman]

I just diesel to fall back under the pound!

I know demand pushes prices up, but shouldn't diesel be cheaper than petrol as its less refined?

[youngsyr]

im said:

N10k said:

http://www.petrolprices.com

UK Petrol Prices for
Tuesday 2nd Dec 2008

	Avg	Min.	Max.
Unleaded	91.2p	87.9p	101.9p
Diesel	106.5p	101.9p	121.9p
LRP	101.8p	99.9p	99.9p
Super	98.3p	91.9p	113.9p
LPG	52.3p	45.9p	65.9p

Shame we cant get the equivalent US figures...just to really p1ss us off...

Using the average figures it would seems that the fuel costs for a 34 mpg petrol car are identical to those of a 40 mpg diesel car!

[Jimbeaux]

im said:

N10k said:

http://www.petrolprices.com

UK Petrol Prices for
Tuesday 2nd Dec 2008

	Avg	Min.	Max.
Unleaded	91.2p	87.9p	101.9p
Diesel	106.5p	101.9p	121.9p
LRP	101.8p	99.9p	99.9p
Super	98.3p	91.9p	113.9p
LPG	52.3p	45.9p	65.9p

Shame we cant get the equivalent US figures...just to really p1ss us off...

On average, petrol has gone from $4.00/gal to $1.75/gal in less than 6 months. It has generally followed the crude price fall.

[im]

Jimbeaux said:

On average, petrol has gone from $4.00/gal to $1.75/gal in less than 6 months. It has generally followed the crude price fall.

So, at 4.5 litres to the gallon, its currently $0.68 per litre or very approximately 45p per litre...yes?

[jamoor]

JVaughan said:

Well, a sub £1 litre pump price would'nt be fair on the governemnt in this country would it ?

Oul at sub $50 a barrel should mean 70 -90p at the pumps ... but does it fk !

My local station is 87.9p

[jamoor]

im said:

Jimbeaux said:

On average, petrol has gone from $4.00/gal to $1.75/gal in less than 6 months. It has generally followed the crude price fall.

So, at 4.5 litres to the gallon, its currently $0.68 per litre or very approximately 45p per litre...yes?

1 US gallon = 3.78541178 litres