Brent crude edged above $120 a barrel to $120.08, a two-and-a-half-year high.

greenbubble

and all these press releases forget to mention that if the worlds reserve currency decides to add a few noughts to its balance sheet this is the outcome.

damn this is so unexpected /sarc

greenbubble

ps. i found the factoid that suadi arabia now needs oil above a certain price to keep bribing its citizens far more relevant to oil prices than the faux 'supply fears' news.

Saudi budget could require high oil price

Rochdale_Pioneers

Its at $123 now. Not long until we see 150p a litre on the mainland regularly. At which point does this start to do real damage to the economy?

abaxas

Rochdale_Pioneers wrote: »

Its at $123 now. Not long until we see 150p a litre on the mainland regularly. At which point does this start to do real damage to the economy?

Well at least houses in the country are getting cheaper.

Generali

Rochdale_Pioneers wrote: »

Its at $123 now. Not long until we see 150p a litre on the mainland regularly. At which point does this start to do real damage to the economy?

At this level oil prices will be doing damage to the world's economy.

Ironically, given how everyone seems to think it's so dreadful that the UK has a service based economy, it is that which means that the UK's economy will be hit less by rising oil prices than places like China (and Australia for that matter) that will consume a lot more oil per unit of GDP.

PaulW1965

I'm surprised at the lack of general discussion (here in the UK) about the current spike in oil prices. I was pondering whether this is because people currently feel that prices will go down soon....

I did read an article (FT) that said Saudi now need $100 oil to pay the $30 billion bribe to it's citizens in order for them not to revolt.... if that were true oil is not going down any time soonish.

By the way Brent Crude $124.52

Rochdale_Pioneers

We're back to that American Baptist guy who confidently predicted prices hitting $150 a barrel. Looks like he'll be right. Again.

Anyone got a stash of food etc at home? What with crude prices going silly and the continuing edging towards the second credit crisis, its starting to look increasingly dodgy.

GeneHunt_2

Do you think people adjust to petrol price changes immediately by spending a little bit less each month, or do people go overdrawn, use their savings, etc in the short run and only adjust over a longer time period?

Niksan

Lack of discussion might be down to acceptance, I've headed in that direction at least, so much so, my Sunday summer joy has become my main mode of transport to work, £10 will get me to work and back for two weeks, where in the car it would last me about 3-4 days, and should I go for a lower end 125cc, I'm sure I could double that. So I guess I'm learning to adapt more quickly than I used to.

GeneHunt_2

Niksan wrote: »

Lack of discussion might be down to acceptance, I've headed in that direction at least, so much so, my Sunday summer joy has become my main mode of transport to work, £10 will get me to work and back for two weeks, where in the car it would last me about 3-4 days, and should I go for a lower end 125cc, I'm sure I could double that. So I guess I'm learning to adapt more quickly than I used to.

I think you might be right. 2008 was a dress rehearsal and now we know what to do to cut back.

shortchanged_2

I've been saying it for some time now that the rising oil prices are what is going to be the biggest problem for this economy and the global economy in the near future.

I've said it before and I'll say it again, that unless oil prices start to head downwards soon it will push the UK back into recession.