Albert Tatlock Posted April 11, 2008 Share Posted April 11, 2008 Pretty much the same amount of oil is taken out of the ground every day. There's no doubt a good few people probably sat on a beach somewhere today earning 20%, who couldn't give a rats arse having made their money speculating on oil prices several months ago, and who 'helped' forced up the price. People never seem to mention them, and the lack of regulation/accountability that allows the rest of us to suffer the consequences of the actions of these few people. Link to comment Share on other sites More sharing options...
ai_Droid Posted April 11, 2008 Share Posted April 11, 2008 Pretty much the same amount of oil is taken out of the ground every day. There's no doubt a good few people probably sat on a beach somewhere today earning 20%, who couldn't give a rats arse having made their money speculating on oil prices several months ago, and who 'helped' forced up the price. People never seem to mention them, and the lack of regulation/accountability that allows the rest of us to suffer the consequences of the actions of these few people. Overly simplistic. Supply slipped in March by 100,000 barrels a day, and there's further supply constraints with pipeline problems and refinery bottlenecks. Fuck all to do with oil price speculators. Fact is, it's still too cheap. Petrols cheaper than bottled water. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted April 11, 2008 Share Posted April 11, 2008 Pretty much the same amount of oil is taken out of the ground every day. There's no doubt a good few people probably sat on a beach somewhere today earning 20%, who couldn't give a rats arse having made their money speculating on oil prices several months ago, and who 'helped' forced up the price. People never seem to mention them, and the lack of regulation/accountability that allows the rest of us to suffer the consequences of the actions of these few people. Overly simplistic. Supply slipped in March by 100,000 barrels a day, and there's further supply constraints with pipeline problems and refinery bottlenecks. Fuck all to do with oil price speculators. Fact is, it's still too cheap. Petrols cheaper than bottled water. Oh well if you don't believe me, perhaps you'll believe Opec and the boss at Shell. Link to comment Share on other sites More sharing options...
ai_Droid Posted April 11, 2008 Share Posted April 11, 2008 Oh well if you don't believe me, perhaps you'll believe Opec and the boss at Shell. A six months old article? Speculators could only drive the price up in the very short term, they'd need to keep on buying to shore the price up in the medium term, or demand would drop and so would the price. The speculators at that time started gambling on constrained supplies and increased demand, and until the price drops, that's what happened. Here's some more up to date analysis: http://money.cnn.com/news/newsfeeds/articl...40_FORTUNE5.htm ..which also mentioned speculators exiting the market in between your article last year and the now. or how about some direct analysis of opecs opinion on speculators influencing price: http://www.cnbc.com/id/24032497 In which there's some debate about speculators influence. It's not as simple as you make out. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted April 11, 2008 Share Posted April 11, 2008 It's not as simple as you make out. I never said it was. Link to comment Share on other sites More sharing options...
rallybug Posted April 11, 2008 Share Posted April 11, 2008 Fact is, it's still too cheap. Petrols cheaper than bottled water. Petrol = £1.109 per litre Volvic at Tesco = £0.37 per litre. Even Perrier is £0.90 per litre. So, unless you're talking about un-refined oil, that argument is tosh. Oh, and a barrel of oil is 159 litres (158.987 to be exact), so $109 per barrel = 68 cents per litre, or roughly 34p per litre, so un-refined oil is slightly cheaper than bottled water, unlike the refined product you quoted. Link to comment Share on other sites More sharing options...
Slim Posted April 11, 2008 Share Posted April 11, 2008 Fact is, it's still too cheap. Petrols cheaper than bottled water. Petrol = £1.109 per litre Volvic at Tesco = £0.37 per litre. Even Perrier is £0.90 per litre. So, unless you're talking about un-refined oil, that argument is tosh. Oh, and a barrel of oil is 159 litres (158.987 to be exact), so $109 per barrel = 68 cents per litre, or roughly 34p per litre, so un-refined oil is slightly cheaper than bottled water, unlike the refined product you quoted. Depends where you buy your water, there's plenty of places you'll pay more than a quid for a litre, and of course half of that £1 per litre is duty. Link to comment Share on other sites More sharing options...
triskelion Posted April 11, 2008 Share Posted April 11, 2008 of course half of that £1 per litre is duty. + VAT Link to comment Share on other sites More sharing options...
Hugh Jampton Posted April 11, 2008 Share Posted April 11, 2008 Try buying your water in a pub Link to comment Share on other sites More sharing options...
gazza Posted April 11, 2008 Author Share Posted April 11, 2008 Yes gazza im sure you could bring in a road tanker full of fuel for cheaper and sell it for less than the forecourts but, will you be storing your cheap fuel at licensed site with full fire certificate, under ground interceptors in case of leaks insurance for such a site etc etc. If it was that easy everyone would be doing it. The fact of the matter is there is more profit in selling breakfast baps from the forecourts than petrol. yes to all your quastions you asked, if i had the spare 80 grand to start up i would,( not includeing petrol to be honest, thats big £££££) other projects in the pipe line at the moment, but if everybody could do it we have cheap fuel i know the forecourts make more in the shops than thay do than the fuel, was amazed when the owner of one of them that i know was telling me what thay make in a day from shop sales, would never have thought it to be honest ai droid you say fuel is 2 cheap, well when your running a company that needs to use fuel it aint cheap at all, my fuel bill a month is huge, (well seams it to me) i think the way its going i have to be putting up me prices prob 4-8 times this year, just because of fuel use alone, Link to comment Share on other sites More sharing options...
Fossils Posted September 8, 2008 Share Posted September 8, 2008 Unleaded was being advertised yesterday in the rural west of Northern Ireland at 104p and diesel at 110p per litre. Link to comment Share on other sites More sharing options...
manshimajin Posted September 8, 2008 Share Posted September 8, 2008 Unleaded was being advertised yesterday in the rural west of Northern Ireland at 104p and diesel at 110p per litre. Is that because you can nip over the border and buy it for a bit under 100p? Mind you with the pound's value dropping so much against the euro it is starting to make the price of petrol in the Republic look not that much cheaper. If oil prices fall below $100 per barrel we'll start hearing about carbon taxes again. Pity them in the UK if they get that plus road pricing. On the other hand it could mean cheaper motoring here as the UK Government promised to reduce fuel duties if they brought in road pricing to achieve a 'revenue neutral outcome' (a good Brownism). Link to comment Share on other sites More sharing options...
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