Is there hope on the horizon for fuel prices in the UK?

ajp · 15th September 2008, 20:35

Here,s a report on the price of oil dropping again which should see the cost of fuel start to fall

Oil prices reach seven-month low
World oil prices have tumbled to seven-month lows due to mounting concerns about the state of the global economy.

With banking giant Lehman Brothers filing for bankruptcy protection, US crude was down $4.33 to $96.85 a barrel as global share prices also declined.

London Brent also fell sharply, down $5.16 to $92.42 a barrel, as investors moved funds to havens such as gold.

Early signs that Hurricane Ike has not damaged refineries on the Texas coast also contributed to crude's declines.

Concerns over the financial health of the banking sector - and it wider global impact - were deepened by the news that fellow investment bank Merrill Lynch had agreed to be bought by Bank of America.

Merrill had been struggling with bad debts of more than $40bn (£22bn).

There are also reports that insurance giant AIG needs an emergency injection of funds.

Story from BBC NEWS:
BBC NEWS | Business | Oil prices reach seven-month low

Published: 2008/09/15 16:20:05 GMT

© BBC MMVIII

old golfer · 15th September 2008, 21:24

My car (4-8 litre) and I both hope so, but mainly me.....and my bank manager...

Licinius · 15th September 2008, 21:25

As this graph shows, you need to go back a lot further than 7 months to have any respite. Oil prices will stay high for as long as the US wants to wage war in the middle east.

ashro · 15th September 2008, 21:33

There are 2 hopes of the fuel coming down to what it should be,Bob Hope and NO hope

DJ Dangerous · 15th September 2008, 22:17

Quote:

Originally Posted by old golfer

My car (4-8 litre) and I both hope so, but mainly me.....and my bank manager...

Jeez, and I found the 2.0 litre Evo expensive back in Ireland!!!! My heart bleeds for you!

Quote:

Originally Posted by Licinius

As this graph shows, you need to go back a lot further than 7 months to have any respite. Oil prices will stay high for as long as the US wants to wage war in the middle east.

Quote:

Originally Posted by ashro

There are 2 hopes of the fuel coming down to what it should be,Bob Hope and NO hope

Yeah, as above, supply & demand laws say not a chance of a long-term price drop, without either a massive increase in supply, or a massive reduction in demand.

Mass-population culls would help, but probably wouldn't be very welcome.

Licinius · 15th September 2008, 22:33

Quote:

Originally Posted by DJ Dangerous

Mass-population culls would help

As has already happened in Iraq & Afghanistan, the real culls/ethnic cleansing will start in earnest when we start bombing Iran.

DJ Dangerous · 15th September 2008, 22:48

Quote:

Originally Posted by Licinius

As has already happened in Iraq & Afghanistan, the real culls/ethnic cleansing will start in earnest when we start bombing Iran.

I was thinking more of the States and China.
Except for the people in those countries who drill for oil! They can live...

ajp · 19th November 2008, 18:50

doesn,t this make your heart bleed

BBC NEWS | Business | Opec 'lost $700bn on cheaper oil'

Sarah · 21st November 2008, 17:36

The price of crude oil crashed below 50 dollars a barrel yesterday.

Tenerental · 22nd November 2008, 00:43

Is there hope on the horizon for fuel prices in the UK?

When we left the UK 4 years ago the price of diesel was 88p a litre.

When we arrived in Tenerife the price was 50 cents a litre.

The price now is around 70 cents a litre (having gone down from its high), which by anybody's reckoning is a 40% increase.

In the UK the same increase would mean a price now of 123p.

Is it 123p? No, didn't think so. So what's the problem?