Petrol prices- when does the madness end?
Discussion
Yup. The heavier fractions will get cracked to produce fuels.
It's something like 45% petrol, 25% diesels and 10% jet fuel.
The weird thing is that the bulk of oil is used for fuels but if we went pure EV we would still need to extract oil for its other uses but the Naptha fractions would revert to being a waste product as they were before the ICE was invented!!
It's something like 45% petrol, 25% diesels and 10% jet fuel.
The weird thing is that the bulk of oil is used for fuels but if we went pure EV we would still need to extract oil for its other uses but the Naptha fractions would revert to being a waste product as they were before the ICE was invented!!
craig1912 said:
Megaflow said:
This got me curious so I googled some stuff, 14/06/2008 oil was $133 a barrel and the exchange rate was 1.944, so oil was £68.41 a barrel.
At $119 a barrel at todays rates is 1.219 which makes the same barrel £97.62.
Congratulations to everybody who voted for Brexit.
I didn’t vote for Brexit but it isn’t anything to do with brexit!At $119 a barrel at todays rates is 1.219 which makes the same barrel £97.62.
Congratulations to everybody who voted for Brexit.
bigothunter said:
Megaflow said:
This got me curious so I googled some stuff, 14/06/2008 oil was $133 a barrel and the exchange rate was 1.944, so oil was £68.41 a barrel.
At $119 a barrel at todays rates is 1.219 which makes the same barrel £97.62.
Congratulations to everybody who voted for Brexit.
You have conveniently ignored that Sterling plummeted to $1.450 by end-2008 due to the financial crash. $1.944 was a short term peak.At $119 a barrel at todays rates is 1.219 which makes the same barrel £97.62.
Congratulations to everybody who voted for Brexit.
Brexit vote knocked about $0.10 from Sterling which was already weak.
Great Depression and Adolf Hitler are the biggest culprits. Without their meddling, the Pound could/should/would be worth almost $5.00
Edited by bigothunter on Sunday 26th June 20:46
Fastpedeller said:
I shouldn't feel smug - but I did, as I passed a North Norfolk filling station whilst pedalling my bike 72 miles - the cost of petrol there was 199.9, and Diesel 209.9/L. My lunch out was paid for by my petrol saving 
I feel even more smug as I was walking past a fuel station. I sold my bike the other week which will pay for our family's food, clothing and nights out for 3 months.Haven’t the Irish gov also cut fuel duty? Not sure brexit has actually made any difference to fuel prices. Most of the Europeans seem to be paying either more or the same as us despite a lot of them cutting their fuel taxes in some ways.
I could imagine a scenario where the suppliers are testing the water with how high prices can go before demand falls off a cliff a la 2020 hurting their profits, Weak pound plus steady demand plus high raw material costs and refiners energy costs rising are probably all part of the reason but how much?
I could imagine a scenario where the suppliers are testing the water with how high prices can go before demand falls off a cliff a la 2020 hurting their profits, Weak pound plus steady demand plus high raw material costs and refiners energy costs rising are probably all part of the reason but how much?
Megaflow said:
craig1912 said:
Megaflow said:
This got me curious so I googled some stuff, 14/06/2008 oil was $133 a barrel and the exchange rate was 1.944, so oil was £68.41 a barrel.
At $119 a barrel at todays rates is 1.219 which makes the same barrel £97.62.
Congratulations to everybody who voted for Brexit.
I didn’t vote for Brexit but it isn’t anything to do with brexit!At $119 a barrel at todays rates is 1.219 which makes the same barrel £97.62.
Congratulations to everybody who voted for Brexit.
Smiljan said:
Haven’t the Irish gov also cut fuel duty? Not sure brexit has actually made any difference to fuel prices. Most of the Europeans seem to be paying either more or the same as us despite a lot of them cutting their fuel taxes in some ways.
I could imagine a scenario where the suppliers are testing the water with how high prices can go before demand falls off a cliff a la 2020 hurting their profits, Weak pound plus steady demand plus high raw material costs and refiners energy costs rising are probably all part of the reason but how much?
Brexit has made a difference since 2014 as that was when the GBP began rebasing against the USD. I could imagine a scenario where the suppliers are testing the water with how high prices can go before demand falls off a cliff a la 2020 hurting their profits, Weak pound plus steady demand plus high raw material costs and refiners energy costs rising are probably all part of the reason but how much?
The EUro Zone hasn't begun raising rates as of yet and is opting to lag the USD so is importing a bit more fuel inflation than we are in that regard.
Suppliers aren't testing the water. They're reacting to the rise in raw material costs, fall in currency vals, rise in environmental costs, rise in refining costs, rise in shipping costs, rise in distribution costs, rise in staff costs. All of which is covered by the consumer who reacts by buying less.
Demand, like supply changes but what do you see as the future driver for demand falling off a cliff?
Puddenchucker said:
From my own, limited, observations/experience I'd say traffic during weekdays is about the same, but weekends and especially evenings there appears to be a noticable drop in traffic levels. Therefore, maybe, people are cutting down on driving for social/pleasure purposes but not for commuting, business or 'domestic' (shopping/appointments/school run etc) travel?
I'd say similar too - it seems the same during working hours, but the evenings especially are a lot quieter locally than they have been for a long time. We've certainly started to reduce the little trips out to grab X or Y (we live in a little village with just a small shop and a pub so are quite reliant on cars). We're making more of an effort to combine errands etc.The commute to work is certainly stinging a wee bit now I'm back in the office a few days a week. I reckon my fuel expenditure is up by about £120 per month and my other half's by £50 so not tiny amounts. Add in the mortgage going up when our last deal expired, gas and electricity, council tax and food going up and our disposable income has taken a real hit since say April.
P. ONeill said:
Fuel prices are at an all time high throughout Europe and I assume the rest of the world. It’s gouging plain and simple.
You are right , look at the price in the USA , in most states its doubled in some states its trebled , no Brexit there, no weak pound. There are a lot of factors impacting the price of petrol and the oil price is only one you can add, war in Ukraine, cost of refining , lack of refining facilitiesIts going to get worse before it gets better but i think we should get used to £2 a litre
Court_S said:
I'd say similar too - it seems the same during working hours, but the evenings especially are a lot quieter locally than they have been for a long time. We've certainly started to reduce the little trips out to grab X or Y (we live in a little village with just a small shop and a pub so are quite reliant on cars). We're making more of an effort to combine errands etc.
The commute to work is certainly stinging a wee bit now I'm back in the office a few days a week. I reckon my fuel expenditure is up by about £120 per month and my other half's by £50 so not tiny amounts. Add in the mortgage going up when our last deal expired, gas and electricity, council tax and food going up and our disposable income has taken a real hit since say April.
Call it waste reduction or fall in living standards, but the financial squeeze has arrived and it's likely to get worse. Many will kiss their luxuries goodbye. Some would argue that's a good outcome... The commute to work is certainly stinging a wee bit now I'm back in the office a few days a week. I reckon my fuel expenditure is up by about £120 per month and my other half's by £50 so not tiny amounts. Add in the mortgage going up when our last deal expired, gas and electricity, council tax and food going up and our disposable income has taken a real hit since say April.
liner33 said:
You are right , look at the price in the USA , in most states its doubled in some states its trebled , no Brexit there, no weak pound. There are a lot of factors impacting the price of petrol and the oil price is only one you can add, war in Ukraine, cost of refining , lack of refining facilities
Its going to get worse before it gets better but i think we should get used to £2 a litre
Yup, £2 is around for a while and we all need to get used to that. Its going to get worse before it gets better but i think we should get used to £2 a litre
Really looking forward to the 40% increase in gas / electric in October too…
liner33 said:
You are right , look at the price in the USA , in most states its doubled in some states its trebled , no Brexit there, no weak pound. There are a lot of factors impacting the price of petrol and the oil price is only one you can add, war in Ukraine, cost of refining , lack of refining facilities
Its going to get worse before it gets better but i think we should get used to £2 a litre
It's due to demand of oil. What would be best right now is another pandemic or just get everyone to work from home for the next 3 months to allow the refineries to make more fuel. With the war in Ukraine looking to be going longer than everyone expected Russia can't chip in and so it's looking more and more likely come August we will see £2.50 a litre. Its going to get worse before it gets better but i think we should get used to £2 a litre
Ankh87 said:
It's due to demand of oil. What would be best right now is another pandemic or just get everyone to work from home for the next 3 months to allow the refineries to make more fuel. With the war in Ukraine looking to be going longer than everyone expected Russia can't chip in and so it's looking more and more likely come August we will see £2.50 a litre.
If it was demand then then the oil price would be higher , I don’t believe it’s demand I think the biggest factor is refining costs and availability Court_S said:
Puddenchucker said:
From my own, limited, observations/experience I'd say traffic during weekdays is about the same, but weekends and especially evenings there appears to be a noticable drop in traffic levels. Therefore, maybe, people are cutting down on driving for social/pleasure purposes but not for commuting, business or 'domestic' (shopping/appointments/school run etc) travel?
I'd say similar too - it seems the same during working hours, but the evenings especially are a lot quieter locally than they have been for a long time. We've certainly started to reduce the little trips out to grab X or Y (we live in a little village with just a small shop and a pub so are quite reliant on cars). We're making more of an effort to combine errands etc.The commute to work is certainly stinging a wee bit now I'm back in the office a few days a week. I reckon my fuel expenditure is up by about £120 per month and my other half's by £50 so not tiny amounts. Add in the mortgage going up when our last deal expired, gas and electricity, council tax and food going up and our disposable income has taken a real hit since say April.
Having survived two miserable years of lock down the leisure industry is primarily built open front end discretionary spending and where a business doesn't target the unaffected demographics there is sadly going to be a retracement in the size of the industry which went into lockdown with excess supply due to the huge chain expansions of the last decade and is almost certainly facing reducing demand.
What would be nice would be if everyone favoured independent establishments over the chains going forward so that makes ch of the contraction is worn by them and not family businesses and indies.
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