Crude oil prices falling sharply

[steward 433]

The crude oil price RIP OFF looks set to be near an end

Prices have fallen 5% today alone down from a high a week ago of $145 per barrel currently running today at $126 per barrel

Good news for all concerned just hope it goes back down to a sensible level

 

[Uncle Buck]

Watch it go up once you get out of the summer months, when people are back at work and oil is needed for winter etc.

It went down this time last year as well.

 

[steward 433]

Shit. I went up Asda earlier, thought 112.9 was unbelievably cheap compared to recent times so I whacked a cheeky £30 in. Seems like I needn't have bothered.

Don't worry i put £85 in diesel in last night :thud:

To be fair though i only had 12 miles left in the tank according to the car

 

[beorhthelm]

Watch it go up once you get out of the summer months, when people are back at work and oil is needed for winter etc.

but in the summer the US driven demand switches to fueling their annual drive 1000 mile vacation. but then isnt the demand supposed to be from india/china where winter oil burning isnt an issue...

its too soon to tell if this is a genuine correction or a market flutter, but losing some 15% in a week suggests some are leaving the party. sooner or later the speculators will leave the market and we will see how much is due to real supply/demand, as the west lurches towards recession or stagnation, with knock on effects of no buying all those nice trinkets from China no matter how cheap.

dont worry about your full tanks though, you wont see much change at the pumps for weeks.

 

[Everest]

Just wait for the pump prices to drop, and then...

the postponed 2p/litre tax gets whacked on!

 

[Mr C]

Here in the U.S. prices have gone from $4.06/gallon to $3.87 in the last few days. I know the maths is different but from a percentage view it's still a drop.

 

[Lord Bracknell]

Here in the U.S. prices have gone from $4.06/gallon to $3.87 in the last few days. I know the maths is different but from a percentage view it's still a drop.

51.2 pence per litre.

Still "expensive" by American standards.

 

[Leekbrookgull]

And we went to war for this !!

 

[steward 433]

And we went to war for this !!

That's hardly why we went to war though was it

 

[barney]

the only way they will go down any further is if the asian and middle eastern governments stop subsidising the power over there..

 

[Herr Tubthumper]

as someone on here said...if people can afford to make short hops to shops and school in a car then petrol is too cheap.

 

[steward 433]

as someone on here said...if people can afford to make short hops to shops and school in a car then petrol is too cheap.

That's fine for you as you live in Hove

What about people who live in places like Blackstone or Shipley? They have little choice

 

[Mr C]

51.2 pence per litre.

Still "expensive" by American standards.

Yes, it is. A year ago it was closer to $2.80 a gallon. Someone else can do the maths

 

[Lord Bracknell]

Yes, it is. A year ago it was closer to $2.80 a gallon. Someone else can do the maths

37p a litre

 

[Northstander]

That's fine for you as you live in Hove

What about people who live in places like Blackstone or Shipley? They have little choice

But if you move to the rurals, is that not something you would think about ie Where do we do the shopping...nearest school etc etc

 

[steward 433]

But if you move to the rurals, is that not something you would think about ie Where do we do the shopping...nearest school etc etc

Of course but if you moved there 5 years ago the doubling of oil prices were not forecast

 

[barney]

Of course but if you moved there 5 years ago the doubling of oil prices were not forecast

it doesnt take a genius to predict increasing prices in an exhaustible resource when several HUGE nations are beginning to boom

 

[steward 433]

it doesnt take a genius to predict increasing prices in an exhaustible resource when several HUGE nations are beginning to boom

:thud: even the major financial institutes didn't see it coming

 

[Leekbrookgull]

Steward. If it not for Oil. Why are we there ?