According to the news on the box yesterday, (U.K.) oil prices "Plummet" as the market has become awash with the stuff, due to falling demand, and high worldwide stocks. Watch for it doing the same at your local outlet!
It's not happening! Gordon the Great Thief has decreed that no benefit from lower oil prices is to filter down to the public. He will steal all the benefit when prices go down. When prices go up, the public pays! Simple, innit?
IIRC we are to be hit with yet another tax increase any day soon. When prices rise steeply the thieves in Whitehall simply 'graciously' defer yet another planned hike for a few weeks.
It seems to have “plummeted” to a price somewhat above a realistic Market level. To say it’s rapidly returned to a realistic level won’t sell as many newspapers as the word “plummet”, though. The concept of “plummet” would also appeal to the “green” fascists who believe all fossil fuel is too cheap.
C'mon....the only things that PLUMMET are giant jets full of steely eyed pilots wrestling them away from a kiddies hospital....... We believe 2/3 of 4/5 of **** all they write about aviation...why should we believe anything else?
(Apparently F ECK is a bad word now too!)
Last edited by eastern wiseguy; 31st Jul 2009 at 14:18.
Reason: My Irish sensibilities were offended
It's not happening! Gordon the Great Thief has decreed that no benefit from lower oil prices is to filter down to the public. He will steal all the benefit when prices go down. When prices go up, the public pays! Simple, innit?
Sums it up.
The great black oily government tax cow. There is very little profit downstream to the oil companies (most of which profit comes from selling Mars Bars anyway)!
Well the speculators seem to think the price of Diesel will move back above petrol later in the year because they are putting diesel into floating storage which is very expensive. They assume that the present glut of diesel will become a shortage before the year end.
As a point of reference, at current exchanges 1 p.s per litre is $6.13 per US; yesterday I paid $2.57 US for premium. And, yes, that is down some the last 3 weeks. And I live in a high-tax state.
the market has become awash with the stuff, due to falling demand, and high worldwide stocks.
Gee whiz, but isn't the planet supposed to be running out of the black stuff? I mean Peak Oil, and all that faeces?
Maybe that story was always just testicles then, invented by speculators, promoted by ignorant childish pseudo-journalists, and believed only by fools and morons and those who mistakenly and self-importantly held themselves as having understanding.
Location: Dublin, Ireland. (No, I just live here.)
Posts: 654
Well, that's logical: a short-term glut of oil, stockpiled as prices were low, means that we can dismiss all concerns about oil running out, now and forever? Pardon me if I don't see the connection. I expect we'll be OK for the foreseeable future, but just how long is foreseeable?
I agree with BNT. Short term demand fluctuations will create a surplus or shortage depending on economic demand which can (obviously) change in a matter of months in either direction. The big problem is developing an oil field to it's full potential can take a decade.
The really big problem is that even if we have the best supply scenario (big "if") for 100+ years into the future, it is common knowledge that any of it will be far more difficult to obtain than sinking a 300 meter well into a naturally pressurized resevoir, on level and dry sand in the giant Saudi oilfields. Since any future supply will be expensive, another ugly problem will be obtaining financing for field development. How do you think that will be going at the present time.
What is keeping the price and supply low now is the owners of the "cheap stuff" are pumping all they can for a minimal profit while the owners of the expensive stuff are losing their shirts. The cheap stuff will go away in our lifetimes.
I'm watching! 
