Oil $99.33 a barrel

Stavros_3

Down from a high of $147 a barrel So lets see a reduction at the pumps now, never mind in 4 - 6 weeks

Masomnia

Unfortunately with the pound being weak against the dollar you won't see as much a reduction as you'd hope.

jon3001

Stavros wrote: »

Down from a high of $147 a barrel So lets see a reduction at the pumps now, never mind in 4 - 6 weeks

People forget that when oil was rising it took time to affect pump prices. Works both ways.

PBA

Oil doesn't get from the ground into your car immediately. It gets refined, transported by ship halfway across the world, etc. The petrol you're buying now was probably pulled from the ground 2 months ago, hence why prices are still high. If petrol prices are the same in 2 months time then it's grounds for complaint.

Paul_Herring

The prices you see for oil are typically the price you'll pay in a month or so's time - not how much it costs to buy today's oil.

purch

http://news.bbc.co.uk/1/hi/business/7607508.stm

'Oil prices have risen to $104 a barrel in Asian trade, reversing earlier losses, after OPEC agreed to return to its late 2007 production levels'

alchemistkevin

Yeah, I read that too, as if $100 isn't enough! Pretty nice way to make some more money.

Milk people and then milk some more... Never mind my car needs petrol and I'm gonna keep filling it up like a mug.

brightonman123

but pump prices seem to shoot up as soon as the crude does..?