oil price

tosh · 22-05-2008, 19:46

the price of crude oil as hit a price of 135 dollars a barrel

this time last year it was 63 dollars a barrel.

Bonnyboy · 22-05-2008, 19:50

They were saying on the news last week when it was $125 a barrel that it would hit $150 by October...I dont think we will have to wait that long

Royboy39 · 22-05-2008, 19:57

Quote:

Originally Posted by Bonnyboy

They were saying on the news last week when it was $125 a barrel that it would hit $150 by October...I dont think we will have to wait that long

When are the government going to admit that the oil producing countries in the Middle East have got us by the 'Town Halls'.
Possibly as a result of sanctions against countries who don't give a monkies.

Bonnyboy · 22-05-2008, 20:07

Quote:

Originally Posted by Royboy39

When are the government going to admit that the oil producing countries in the Middle East have got us by the 'Town Halls'.
Possibly as a result of sanctions against countries who don't give a monkies.

I assume that the government actually realise that they are being held to ransom by, some , if not all the members of OPEC. Whether they will admit to it…who knows

Just had a look at the members, not sure which are the friendlier out of that bunch - OPEC membership

steeljack · 22-05-2008, 22:03

Absoutly nothing to do with OPEC .....oil is traded on the world market to the highest bidder , why should the Arabs or the Iranians sell the one commoditiy they have at a lower than market price ?, would you sell your labour for a lower hourly rate because you felt sorry for your Mercedes driving boss ?, think not .
And just what do the Arabs owe us in the west ? we have ripped them off since day one , going all the way back to the Balfour declaration and Sykes-Picot .
The biggest thieves have been the western govts. with their arms deals , selling useless defense systems and charging a 1000% premium on spare parts , charging $50 for 10 cent steel washers .

MargaretR · 22-05-2008, 22:13

I heard tonight on BBC radio4 that RUSSIA produces as much oil and gas as Saudia Arabia and is just banking the money because if they invest it in more oil production they will cause the price to come down - very canny.

They renationalised it in the late 90s so the oil giants aren't the ones profiting

Bonnyboy · 22-05-2008, 22:36

I see it like this.

Global markets set the oil price, demand by the likes of India and China are on the increase. We in the “west” are still using as much as we ever did. Same supply higher demand.

OPEC supposedly govern the amount of oil production. They keep the price artificially high by governing the supply , just high enough so that they don’t get their chips too soggy and folk don’t start to look for alternatives while they still have oil supplies.

Up production lower the demands and the price will fall.

Of course OPEC have something to do with it, they are manipulating the market.

Royboy39 · 22-05-2008, 22:43

Quote:

Originally Posted by steeljack

Absoutly nothing to do with OPEC .....oil is traded on the world market to the highest bidder , why should the Arabs or the Iranians sell the one commoditiy they have at a lower than market price ?, would you sell your labour for a lower hourly rate because you felt sorry for your Mercedes driving boss ?, think not .
And just what do the Arabs owe us in the west ? we have ripped them off since day one , going all the way back to the Balfour declaration and Sykes-Picot .
The biggest thieves have been the western govts. with their arms deals , selling useless defense systems and charging a 1000% premium on spare parts , charging $50 for 10 cent steel washers .

Who the the main speculators, is it the arabs, no it is the fat cat Americans.........We have had one on UK TV today....who have cash to burn.
You in America don't pay the same amount for petrol or gas , as you call it, as we do in the UK.
When you say 'Western Governments' who do you mean US or UK or UN?
Arms deals are are agreed between responsible governments and the deals are offered as a package.
Don't underestimate the terms and conditions of these contracts..they are binding and are signed by high ranking representatives of the country that will beneifit.
I am in favour of free trade but it comes to the point where you say 'We are being held to ransom' and what can we do to combat this.
The 10c washer falls into insignificance when you consider that more expensive equipment has to be provided as spares and has to be covered in the package.

MargaretR · 22-05-2008, 23:10

On radio4 tonight it was said that Russia produces as much as Saudi Arabia, using out of date plant that they renationalised in the 90s.

They are coining it in and just banking it, because to invest the money in new plant would increase production and reduce the price (so no incentive to invest)

They may have lost the cold war but they have us by the short and curlies now.

steeljack · 22-05-2008, 23:18

Quote:

Originally Posted by Royboy39

Who the the main speculators, is it the arabs, no it is the fat cat Americans.........We have had one on UK TV today....who have cash to burn.
You in America don't pay the same amount for petrol or gas , as you call it, as we do in the UK.

At the pump , no we dont , you pay 80% tax on yours to support social programs which we in the US don't have ,I think I pay about 18%tax , the base price at the well head is the same , refining costs are the same wether its done in Europe or the US, doesn't matter if its BP, Shell or Esso (non of the oil companies have any national alliegance)

When you say 'Western Governments' who do you mean US or UK or UN?
Arms deals are are agreed between responsible governments and the deals are offered as a package.
Don't underestimate the terms and conditions of these contracts..they are binding and are signed by high ranking representatives of the country that will beneifit.

Yep, and these packages have great big bloody slush funds built into them , only need to mention the Brit Saudi deal where the inquiry was shelved to save face on both sides

I am in favour of free trade but it comes to the point where you say 'We are being held to ransom' and what can we do to combat this.

You say your being held to ransom and what can you do ? its not OPECs fault the British Govt squandered the gift that North sea oil/gas brought , both labour and Conservative Govts gave away the national wealth ,how much was re-invested into the country ? can't blame the Arabs if the Politicians and business elite in the UK were stuffing their own pockets
The 10c washer falls into insignificance when you consider that more expensive equipment has to be provided as spares and has to be covered in the package.

If Russia isn't pumping oil at full capacity as someone mentioned , maybe its a good thing , they are thinking about their childrens futures

steeljack · 23-05-2008, 01:25

from Wikipedia on UK petrol prices..United Kingdom
Main article: Hydrocarbon oil duty

From 2007-10-01 the main road fuel (petrol and diesel) duty rate in the UK is GBP£0.5035 per litre. The rate for biodiesel and bioethanol is £0.3035.[1] Value Added Tax (VAT), currently at 17.5%, is also charged on the price of the fuel and on the duty. At a pump price of 100p/litre (typical for unleaded as at November 2007), this would put the combined tax at 65.24p/litre, or approximately USD$4.84 per gallon. Thus without tax, the retail price would be 34.76p per litre, making a combined tax rate of 188%.

the US tax on petrol ......is Fuel taxes in the United States vary by state. For the first quarter of 2008, the average state gasoline tax is 28.6 cents per gallon, plus 18.4 cents per gallon federal tax making the total 47 cents per gallon. For diesel, the average state tax is 29.2 cents per gallon plus an additional 24.4 cents per gallon federal tax making the total 53.6 cents per gallon.[3]

main article here ....http://en.wikipedia.org/wiki/Gasoline_tax

maybe the culprits responsible for ripping off the UK motorist are your elected leaders and not Mohammed and Abdul

(sorry for any confusion by the above links with the liters/gallons tax rates , I'm listing direct from wikipedia, think the conversion is 1 US gallon = 3.78 liters)

jaysay · 23-05-2008, 10:32

Quote:

Originally Posted by [email protected]

I heard tonight on BBC radio4 that RUSSIA produces as much oil and gas as Saudia Arabia and is just banking the money because if they invest it in more oil production they will cause the price to come down - very canny.

They renationalised it in the late 90s so the oil giants aren't the ones profiting

That must be way Chelski keep buying new players

bullseyebarb · 23-05-2008, 19:38

We don't have a free market in oil any more - hence the problem. Here in the U.S. there are huge reserves of oil, natural gas, shale and high grade coal, which we are not permitted to get, in most cases, because our wonderful government is so in hock to radical environmentalists, (aka Commies). They have bought the scam of "global warming." Nuclear power is also frowned upon. Sooner or later this will change because even dimwits are going to figure out that you cannot grow an economy and promote a better lifestyle by limiting these resources. Oil fuels the world. It is the most efficient and economical product out there. And it will remain so until something viable comes in to replace it. Until then....viva oil! Even in these times, the market will work. There is a ceiling and it will be reached in the not too distant future.