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Scary Stuff.... Oil currently at $106.95
Comments
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Opposition politicians always whine and complain about fuel duty, then abruptly reverse their position when in government. The "don't charge VAT" claim from Balls is as unfeasible as the "fuel duty stabiliser" pledge from Osborne.0
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Rochdale_Pioneers wrote: »Opposition politicians always whine and complain about fuel duty, then abruptly reverse their position when in government. The "don't charge VAT" claim from Balls is as unfeasible as the "fuel duty stabiliser" pledge from Osborne.
Mmm I don't see how such a stabiliser could possibly work in practice.
Isn't it in EU law that fuel is charged at the higher rate of VAT?“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0 -
Graham_Devon wrote: »Oil currently $117 a barrel.
Also seems that action has now started, with Quintin Wilson on the news talking about freezing the next duty rise (feel this will happen). Appears there could be a group about to start action on the fuel prices too.
Airlines are having their profits hit, while food retailers are warning of looming increases in prices.
Most of what we are seeing now is of course the unrest, but let's make no mistake oil is heading for $200+ a barrel within 5 years regardless due to demand outstripping the resources available.
The question can economies avoid recession with oil at say $160 ? I think not. Our whole global system is based on cheap oil, that is pretty much finished. Of course we see oil dip again, but this will only be caused by economies falling into recession and demand dropping.
The only way to stop this in the short term is to gradually reduce taxation as the prices escalate, this is only a very short term answer though, the real answer is an alternative that given our current state of technology is unavailable on anything like the time and scale required.Have owned outright since Sept 2009, however I'm of the firm belief that high prices are a cancer on society, they have sucked money out of the economy, handing it to banks who've squandered it.0 -
Turn your face to the sun and the shadows fall behind you.0
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